Legal advisor: Interra Resources did not violate foreign sanctions in Myanmar

Interra Resources, a Singapore-listed oil explorer, said that it appointed a legal adviser who found that Interra Resources had not violated U.S. sanctions or EU sanctions against Myanmar.

The report comes after the activist group Justice for Myanmar made allegations that Interra supplied oil to the ruling military and committed war crimes.

In a press release, the company stated that any financial impact from potential sanctions violations will be minimal.

Since the military overthrew Aung San Suu Kyi's civilian government, which was elected by the Nobel laureate in February 2021. This triggered pro-democracy demonstrations that turned into an armed revolt that has spread across the country.

According to its website, Interra has a 60% participating interest in Goldpetrol Joint Operating Company. GJOC is responsible for two onshore oil fields located in central Myanmar, Chauk and Yenangyaung.

GJOC signed a production-sharing agreement for oil exploration and oil production with Myanmar's state oil and Gas Enterprise, MOGE, at the end of 1996. In April 2017, the contract was extended by 11 years.

Interra said in February that the production-sharing agreement between its subsidiary and Myanma Oil and Gas Enterprise had been extended years before 2021, when the military took power.

The United States and European Union imposed sanctions against MOGE after the coup by the military in 2021. (Reporting by John Biju in Bengaluru; Editing by Shailesh Kuber)

(source: Reuters)