The Council of the European Union has published Regulation 401/2013 which repealed Regulation 194/2008. The 2013 Regulation came into force on 3 May 2013, and lifts all asset freezing measures and financial sanctions in place against Myanmar/Burma.
All national legislation containing penalties for breaches of the asset freezing measures and financial sanctions are revoked.
This means that trade with parties in Myanmar/Burma will no longer violate EU law, provided that trade does fall within the relatively limited sanctions which remain in force.
The full text of the new Regulation is available on the UK HM Treasury website.
Prohibitions remain in place in respect of the sale, supply, transfer or export of equipment which might be used in internal repression to any party in, or for use in, Myanmar/Burma. It is prohibited to provide technical assistance, financing or financial assistance in respect of such goods.
Prohibitions also remain in place in respect of the provision of arms and related materials to any party in, or for use in, Myanmar/Burma. The provision of financing and financial assistance in respect of military activities is also prohibited.