Mizzima
Myanmar’s anti-coup National Unity Government (NUG) is actively working to recover 1 billion USD in funds frozen by the U.S. Government.
The efforts to recover the money are being headed by Tin Tun Naing, the NUG Minister for Planning, Finance, and Investment. At the least, he hopes to secure the interest accrued on the frozen funds.
The funds were frozen following the military coup in Myanmar on 1 February 2021, when the U.S. government blocked the transfer of approximately 1 billion USD held at the Federal Reserve Bank of New York, just days after the military seized power and detained Myanmar’s democratically elected, leader, Aung San Suu Kyi.
The transfer of the 1 billion USD was initiated on 4 February 2021, three days after the coup, by the Central Bank of Myanmar. The transfer was initially halted by US Federal Reserve safeguards before an executive order by President Joe Biden permanently blocked the transfer.
At a 3 June 2024 NUG press conference titled “The Economic Crisis in Myanmar”, Tin Tun Naing discussed the NUG’s attempts to reclaim these funds.
He stressed the importance of the U.S. recognising the NUG as Myanmar’s legitimate government as this would help the NUG recover the funds. Currently, the U.S. supports the NUG and imposes sanctions on the junta, but it does not officially recognise either the NUG or the junta as the legitimate government of Myanmar.
He said that if the NUG could get the funds it would use them to fund revolutionary forces and the socio-economic needs of the Myanmar people.
“This issue primarily depends on the decision of President Joe Biden, current President of the United States. This doesn’t mean this is hopeless. There is hope. Although it is not easy, we are making significant efforts to achieve this”, said Tin Tun Naing.
He referenced a precedent where the European Union agreed to use profits from Russian Government funds frozen by the U.S. to support Ukraine after Russia’s invasion of Ukraine. He noted that while the circumstances are different, the nature of the frozen funds is similar.
He said: “We are trying to follow that path. While there are some differences in nature, the situation of frozen funds is similar.”
“Since the decision depends on the U.S. government, it is difficult to predict when we might get the funds. However, we are trying everything we can with all the available resources and our utmost efforts”, he added.
Professor Sean Turnell from Australia, Aung San Suu Kyi’s former economic adviser and now the Special Advisor to the NUG’s Interim Central Bank, is also helping in the recovery efforts.
