U.S. banks are prohibited from maintaining accounts for Cuban entrepreneurs.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) published new Cuba Sanctions Regulations this week, expanding sanctions and restricting travel of certain private Cuban entrepreneurs.
The State Department explained that the move implements President Trump’s May executive order, “which invokes the International Emergency Economic Powers Act (IEEPA) to significantly broaden and sharpen sanctions and economic pressure on Communist Cuba, its repressive military and intelligence apparatus, subversive and terror networks, and financial enablers.”
State Department Spokesperson Tommy Pigott continued, “Treasury also amended the longstanding Cuban Assets Control Regulations (CACR) to close loopholes the Cuban regime has long exploited to engage in sanctions evasion, enrich regime insiders, and fund dangerous subversive and military activities which threaten the national security of the United States.”
The action halts the opening or maintaining of accounts of Cuban entrepreneurs by U.S. financial institutions. It also eliminates the processing of certain payments connected to Cuba from passing through the U.S. financial system. The U.S. also issued travel restrictions, which included ending general authorization for group educational travel.
As the Lord Leads, Pray with Us…
- For Secretaries Rubio and Bessent as they determine which sanctions to place on hostile nations and their supporters.
- For Director Bradley Smith and OFAC personnel as they impose sanctions and assess compliance.
- For Acting Under Secretary Gene Lange as he oversees the Office of Terrorism and Financial Intelligence.
Sources: Department of State, UPI News
