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Myanmar Sanctions Bill Advances in Congress
By Brian Orsak
printThe U.S House of Representatives unanimously approved a bill Tuesday that would require American financial institutions to freeze the assets of Myanmar government officials and precious gem importers. Lawmakers, responding to a violent crackdown on protesters in August, are seeking to stop Myanmar's military leadership from importing rubies into the U.S. and laundering the proceeds through U.S. companies with business interests in Myanmar, such as San Ramon, Calif.-based oil producer Chevron Corp. Myanmar's military rulers have evaded U.S. sanctions issued in 2003, concealing millions of dollars in gemstone imports, according to the bill. While more than 90 percent of the...
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