The EU has
acted on its earlier promise to respond to the reform efforts in Myanmar/Burma, and suspended all sanctions against the country, with the exception of the existing arms embargo. Approximately 500 Burmese individuals and over 800 companies in forestry, steel and iron, and extractive industries will no longer be subject to a freezing of assets. These sanctions prevented them from engaging with the EU.
The EU’s new suspension is expected to be in force for one year, ending on 30 April 2013. The EU indicated it will closely monitor the situation in the country and respond positively to further progress on ongoing reforms.