News & Analysis as of

Office of Foreign Assets Control (OFAC) Cuba Foreign Policy

Hogan Lovells

U.S. State Department reinstates Cuba Restricted List

Hogan Lovells on

The U.S. Department of State has formally republished the Cuba Restricted List, restoring prohibitions on direct financial transactions with numerous Cuban military, intelligence, and security-linked entities. This move...more

Holland & Knight LLP

U.S. Announces Steps to Ease Cuba Sanctions

Holland & Knight LLP on

Besides certain expansions on remittances in 2022, the White House, on Jan. 14, 2025, issued a statement announcing President Joe Biden's plans to relax sanctions on Cuba through a series of broad measures aimed at improving...more

Fenwick & West LLP

OFAC Signal Boosts Freedoms for Cuban Private Sector

Fenwick & West LLP on

Last week, the Office of Foreign Assets Control (OFAC) issued updates to the Cuban Assets Control Regulations (CACR). The updates are intended to continue the Biden administration’s policy of providing the Cuban people with...more

A&O Shearman

Sanctions Round Up: First Quarter 2022

A&O Shearman on

The world’s response to Russia’s invasion of Ukraine dominated the first quarter of 2022, as the US and its international partners coordinated efforts to impose unprecedented sanctions designed to isolate the Russian...more

Dorsey & Whitney LLP

Trump Administration Revises List of State Sponsors of Terrorism

Dorsey & Whitney LLP on

On January 11, Secretary of State Michael Pompeo announced the Trump Administration in its final week in office is returning Cuba to the official State Department list of state sponsors of terrorism. Cuba will thus re-join...more

Hogan Lovells

Cuban Assets Control Regulations amendments further restrict travel and trade

Hogan Lovells on

The Cuban Assets Control Regulations have been amended to prohibit U.S. persons from lodging at certain properties in Cuba, incorporate restrictions on imports of Cuban alcohol and tobacco, and revoke general licenses...more

The Volkov Law Group

OFAC Settles with Generali Global Assistance, Inc. for $5.8 Million for Violations of Cuban Sanctions

The Volkov Law Group on

OFAC continues to chalk up enforcement actions.  For the year, even with the pandemic slow down, OFAC has reached 13 settlement agreements totaling $18.6 million in penalties....more

Cozen O'Connor

Up in Smoke: OFAC Further Erodes Obama-Era Cuba Rules

Cozen O'Connor on

On September 24, 2020, the U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR) to further restrict U.S. engagement with Cuba in order to deny revenue to...more

The Volkov Law Group

Despite Pandemic, OFAC Settles with Animal Nutrition Company for $257k for Violations of Cuban Sanctions Program

The Volkov Law Group on

OFAC announced a $257k settlement with Biomin America, Inc. (“Biomin”), an animal nutrition company based in Overland, Kansas, to settle violations of the Cuban Sanctions Program....more

The Volkov Law Group

Travel Insurance Companies Hit with OFAC Enforcement Actions

The Volkov Law Group on

The Treasury Department’s Office of Foreign Asset Control (“OFAC”) continues to rack up settlements.  Two travel insurance companies recently settled OFAC enforcement actions for violations of the Cuban Embargo....more

Akin Gump Strauss Hauer & Feld LLP

Treasury Imposes Additional Restrictions on Remittances to Cuba and “U-Turn” Transactions

On September 9, 2019, the Trump administration implemented additional U.S. sanctions on Cuba by restricting personal remittances to Cuba and eliminating authorization for U.S. banks to process “U-turn” transactions involving...more

A&O Shearman

Sanctions Round Up: First Quarter 2019

A&O Shearman on

In this quarter, OFAC lifted sanctions on Rusal and other companies following divestment by Oleg Deripaska. Meanwhile, as Venezuela descends into economic and political crisis, the US targeted PdVSA and others to hasten...more

Jones Day

Trump Administration Imposes Further Sanctions on Venezuela, Nicaragua and Cuba; Opens Helms-Burton Act Floodgate

Jones Day on

The Situation: On April 17, 2019, the Trump Administration announced additional sanctions targeting the so-called "troika of tyranny" – Venezuela and its key regional allies, Nicaragua and Cuba. These sanctions notably...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2019 Insights: Key Developments in US Sanctions

In 2018, the United States continued to expand its sanctions programs and increase enforcement. While President Donald Trump’s decision to re-impose nuclear-related sanctions on Iran has perhaps drawn the most attention, key...more

The Volkov Law Group

Sanctions Updates: Cuba, North Korea, Russia, Sudan, Venezuela

The Volkov Law Group on

Sanctions compliance is challenging because of the changing nature of sanctions regulations and individuals identified as Specially Designated Nationals. With each new administration, foreign policy priorities are usually...more

WilmerHale

The US Revises Commercial and Travel Sanctions Against Cuba

WilmerHale on

On November 9, 2017, the US Departments of the Treasury and Commerce implemented President Trump's June 2017 National Security Presidential Memorandum (NSPM) that was designed to tighten restrictions on individual travel to...more

Hogan Lovells

Cuba update: Trump tightens travel authorizations and targets new restricted parties

Hogan Lovells on

On 9 November 2017, the Trump Administration implemented new regulations to support its change to U.S. policy on Cuba. The U.S. Government has created a new Cuba Restricted List administered by the State Department. Through...more

Pillsbury - Global Trade & Sanctions Law

OFAC Updates FAQs on the Cuba Sanctions Program

On June 16, 2017, President Trump issued a National Security Presidential Memorandum on Strengthening the Policy of the United States Toward Cuba, which began the process to alter some aspects of U.S. policy toward Cuba. On...more

Fox Rothschild LLP

Trump Administration Tightens Cuba Sanctions

Fox Rothschild LLP on

On June 16, 2017, President Trump announced changes to United States’ Cuban sanctions regime which will stem the tide of liberalization that Obama Administration set in motion 2014. While the regulatory changes have not yet...more

A&O Shearman

Sanctions Round Up: First Half

A&O Shearman on

The first six months of the Trump Administration saw several notable developments for US sanctions, with particular implications for Russia and Iran. The Administration also declared a shift in US policy toward Cuba. ...more

Jones Day

President Trump Revises U.S. Policy on Cuba

Jones Day on

On June 16, 2017, President Trump announced revisions to U.S. policy toward engagement with Cuba and a limited rollback of certain sanctions relief provided by the Obama Administration....more

Latham & Watkins LLP

Cuba & Trump: What the Changes Mean

Latham & Watkins LLP on

On December 17, 2014, President Obama announced that the United States would “chart a new course” on its Cuba policy. Starting in January 2015, and for the next two years, the Treasury Department’s Office of Foreign Assets...more

WilmerHale

President Trump Announces New Cuba Restrictions

WilmerHale on

On June 16, 2017, President Trump announced new sanctions restrictions under the US embargo against Cuba. Although US policy since 2014 has been to normalize US-Cuba relations and liberalize trade with Cuba, President Trump...more

Cozen O'Connor

Trump Recasts U.S.-Cuba Policy

Cozen O'Connor on

On Friday, June 16, President Trump announced policy changes towards Cuba while speaking in Miami. Trump’s new policy directive reverses many of the Obama administration’s policies with Cuba. ...more

Polsinelli

2017 Key Trade Issues: U.S. Embargoes and Economic Sanctions on Iran, Russia, and Cuba

Polsinelli on

U.S. embargoes and economic sanctions on countries such as Iran, Russia and Cuba were discussed at length by both candidates during the 2016 Presidential campaign, and President-Elect Trump has stated that he intended to...more

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