The international community has imposed a total of 61 sanctions against Myanmar since the 2021 military coup, according to DVB data. But sanctions have not had a significant impact on the regime in Naypyidaw, a specialist on Myanmar’s economy told DVB. 

“It might be more effective if sanctions are imposed against the banking system. Individual boycotts do not have much impact. Targeting the Central Bank would be very effective, leading to the military’s downfall,” said Min Min Thaw, a senior lecturer in economics at California State University, Sacramento.

Yadanar Maung, the spokesperson at whistleblower group Justice for Myanmar, said that the lack of comprehensive U.S. sanctions against the Myanma Oil and Gas Enterprise (MOGE) — which many believe is the regime’s largest source of foreign revenue — has weakened the overall impact of sanctions. Canada, the U.K., and Australia have yet to impose any sanctions against MOGE.

“We will continue to call for sanctions [against MOGE] to support the revolution,” a spokesperson for the Blood Money Campaign, an organization advocating for more targeted sanctions against Naypyidaw, told DVB.

The U.S. has imposed 21 sanctions on 93 individuals and 49 organizations, including MOGE. The E.U. has imposed eight sanctions on 89 individuals and 21 organizations. The U.K. has imposed 18 sanctions targeting 28 individuals and 33 organizations.

Canada has imposed nine sanctions, targeting 89 individuals and 41 organizations. Australia has two sanctions, affecting 16 individuals and seven organizations while New Zealand has imposed three travel bans on 58 individuals connected to the regime. 

Naypyidaw has downplayed the impact of sanctions as its regime leader Min Aung Hlaing called for an increase in agricultural production and livestock in response to them during a meeting of the regime’s National Defence and Security Council (NDSC) on July 31.

“It can be seen that some countries impose economic sanctions against Myanmar. Hence, encouragements are being made for all to increase production in agriculture and livestock farms,” said Min Aung Hlaing. 

Naypyidaw has sought to blunt the impact of sanctions against the regime by increasing its economic ties with China, India, and other countries that have not sanctioned Myanmar. It also has taken action to limit the country’s dependence on the U.S. dollar by reaching deals with India and Thailand to conduct trade in Indian rupees and Thai baht.