The European Union (EU) has imposed sanctions on 22 individuals and four organizations including the State-owned Myanmar Oil and Gas Enterprise (MOGE) on Tuesday.

It may be mentioned that MOGE is the State Administrative Council’s biggest single source of revenues, which is responsible for running the Myanmar government's budget. Furthermore, it is a joint venture to all offshore gas projects in the south-east Asian country.

About 50 percent of Myanmar's foreign exchange comes from the oil & gas industry and MOGE expects to receive $ 1.5 billion from offshore and pipeline projects in 2021-22 fiscal year, reported BETV Business News.

The move came after Total Energies, Chevron, Petronas, Mitsubishi Corporation and Woodside announced their plans to exit from the investments in Myanmar (Burma).

In an EU statement it revealed that the initiative was taken following the military coup and the military council's continued violence against civilians and pro-democracy groups in the country.

"It is important for the EU to implement these measures effectively and for the energy companies that have now resigned from Burma to act in a way that no longer benefits the military," said John Sifton, Asia policy director at Human Rights Watch (HRW).

The EU also imposed sanctions on the State-owned number one mining enterprise, individual members of the Burmese junta and crony conglomerate International group of entrepreneurs, Htoo group of companies.

Justice For Myanmar’s spokesperson Yadanar Maung said, “We welcome this new round of EU sanctions. The designation of MOGE is a historic win for grassroot activists throughout Myanmar and around the world, after a year of campaigning to stop oil & gas revenue to the ASC.”

It is  learned that till date the 27-nation council of EU imposed sanctions on 65 individuals and 10 organizations who are involved with serious human rights violations in Myanmar.