The US Department of Commerce’s Bureau of Industry and Security (BIS) and the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) have made five sets of amendments to their respective Cuba sanctions regulations since the various Cuba policy changes announced by the President beginning in 2014. OFAC introduced a provision in 2015 … Read more
Remittances play an important role in Cuba’s state-controlled economy, with a significant portion (an estimated $2 billion annually) coming primarily from family members in the United States. In January 2015, the United States announced regulatory changes that, among other things, increase purposeful travel to Cuba; raise remittance levels from $500 to $2000 per quarter for … Read more
Washington announced today further loosening of air travel and export financing restrictions related to Cuba. The amendments, “will remove restrictions on payment and financing terms for authorized exports and re-exports to Cuba of items other than agricultural items or commodities,” according to a statement from the Treasury and Commerce Departments. “Today’s amendments to the Cuban … Read more
