The World Bank this year said Myanmar’s potential for inclusive growth has been “severely weakened” and “there is little appetite to invest.” The junta has drawn closer to Russia despite the war in Ukraine - Min Aung Hlaing has praised Russian President Vladimir Putin “as a leader of the world.” Prime Minister Lee Hsien Loong of Singapore, Myanmar’s biggest foreign investor, has said sanctions would only hurt Myanmar’s people. Japan and India worry that tough measures against the junta only risk increasing China’s influence there. But China, Myanmar’s most important trading partner, has rejected calls at the UN for an arms embargo and has affirmed support for the regime. The US has since extended its sanctions, including in January. The US, the UK, Canada and Australia reimposed economic sanctions in 2021, just five years after many had been lifted, although it’s unclear how much impact they will have. Its passage was a milestone, but China, Russia and India abstained, limiting the impact. The UN Security Council passed a resolution in December demanding an end to violence in Myanmar and the release of political prisoners.
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