Top-down transitions and the politics of US sanctions

US sanctions had negligible effects on Myanmar’s transition to democracy. By the end of 2015, it was clear that those sanctions which remained in place, such as the US Treasury Department prohibition on dealings with Specially Designated Nationals (SDNs), were in fact counter- productive to Myanmar’s economic development. This was highlighted in dramatic fashion in November 2015, when the US Treasury’s Office of Foreign Assets Control (OFAC) advised US banks to refrain from financing shipments to Yangon’s main terminal. The terminal is controlled by Asia World Co Ltd, and the company’s managing director, Steven Law, was subject to sanctions because of his involvement with the former military regime. Asia World is one of Myanmar’s largest and most successful companies. It is a sprawling conglomerate with stakes in shipping, trade, construction and mining. Asia World helped in the construction of Naypyidaw and in 2013 was awarded the contract for the upgrade of Yangon’s international airport. In 2015, Steven Law was amongst those honoured in Myanmar’s 2015 Annual Presidential Awards for service to Myanmar’s development