HONG KONG , China ( CNN ) -- Be it Iran or North Korea , economic sanctions are a well-used weapon in the diplomatic arsenal for dealing with international disputes . But do they work ? Workers at TOTAL 's project in Burma unload pipe for the 1996 construction of the Yadana pipeline . Consider the Southeast Asian nation of Myanmar . Ruled by the military since 1962 , the state ( formerly known as Burma ) has been under sanctions from Western nations for more than a decade . Despite years of tightening economic pressure , military rule in Myanmar continues . `` I think sanctions have very little effect on the economy ( of Myanmar ) because they have very little in the way of international trade , '' said Sean Turnell , author of Fiery Dragons : Banks Moneylenders and Microfinance in Burma and an economics professor at Macquarie University in Australia . While the U.S. , European Union and Australia have banned new investment , non-sanctioning countries are taking advantage of business opportunities in Myanmar , which is rich with natural resources like natural gas , timber , jade and rubies . China , Thailand , India and Singapore already have lucrative deals in place with Myanmar 's military government . Neighboring Thailand depends heavily on Myanmar 's offshore natural gas and hydroelectric dams to provide power to the Thai population . China has signed a deal to build a natural gas pipeline from the west coast of Myanmar into western China . Thailand buys about 30 percent of its gas from Myanmar and uses gas to generate about two-thirds of its electricity . Watch the history of Myanmar sanctions » . Despite the American and European sanctions currently in place , U.S.-based Chevron and French-based TOTAL are doing business in Myanmar today because their contracts were signed with Myanmar 's military government before international pressure was tightened . The Yadana natural gas project , off the coast of Myanmar , involves three foreign firms : TOTAL , Chevron and the Petroleum Authority of Thailand ( PTT ) . TOTAL has the biggest investment with a 31 % stake in the project . TOTAL told CNN it paid $ 250 million in taxes to the Myanmar government in 2008 . Chevron did not respond to repeated phone and email requests for comment on this story , but Chevron 's Web site said the company 's local community projects benefit the people of Myanmar . Western corporations have faced criticism for doing business in a country run by a government accused of human rights abuses . But these companies go to where the oil and gas lie -- often in unstable regions of the world . `` What we provide is a different example of work , of business and what good governance should be about , '' said Jean-Francois Lassalle , vice president of public affairs for Total . `` Our employees have benefits from social pensions , employee representation , holidays and good contracts . We function in Burma the same way we do in Europe . In that sense , we 're trying to be an example . '' The company employs 250 permanent and more than 600 subcontracted workers in Myanmar , Lassalle said . TOTAL provides free medicine and education to the local population , along with funding for hospitals and orphanages . The company estimates its community projects affect 50,000 people in Myanmar . Yet Myanmar remains one of the poorest countries in Asia . According to some estimates , more than 30 percent of the population live under the poverty line . The military regime has suppressed democracy movements for the past several decades . Myanmar 's most famous citizen , Nobel Peace Prize winner Aung San Suu Kyi -- whose party won the majority of seats in the 1990 election -- has been kept under house arrest and is currently on trial for alleged violations of her detention . It is another indication of the military 's tight grip on power , despite sanctions . Some experts say more should be done to hit the military regime where it hurts : their personal bank accounts . The Myanmar military elite have millions in overseas bank accounts , experts say . Southeast Asia expert Jamie Metzl of the non-profit Asia Society , said freezing personal assets of the military generals was a good idea but cautions it would be an uphill battle . Metzl believes that any such move would need the support of the Association of Southeast Asian Nations ( ASEAN ) which includes Thailand -- a major trade partner -- and Singapore . `` If sanctions [ of freezing personal assets ] were put in place and if ASEAN states including Singapore were on board , then conceivably , there could be a way to reach some of those assets , although the generals could move them elsewhere . '' Metzl noted that ASEAN tends to favor a policy of engagement with Myanmar : In other words , soft diplomacy rather than the harsh bite of economic sanctions . Unless all countries play ball , it is clear that economic sanctions can only do so much .
China , Thailand , India , Singapore have lucrative deals with Myanmar 's junta . Comment: Experts recommend freezing personal assets of the ruling generals . Such a move would need ASEAN support ; but ASEAN prefers soft diplomacy .