Cuba: US eases restrictions on trade financing
The United States’ Office of Foreign Assets Control (OFAC) and the Department of Commerce have announced today several further amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR). These amendments further implement the new direction toward Cuba that President Obama outlined in December 2014.
Key among these amendments is that US banks will now be allowed to provide financing for most types of exports and re-exports to Cuba, with agriculture commodities and items being the major exception.
Summary of amendments
In summary, the amendments include:
- Removing financing restrictions for most types of authorized exports and re-exports to Cuba.
- Additional amendments to increase support for the Cuban people and facilitate authorized exports e.g: news gathering, telecommunications, agriculture
- Additional amendment to facilitate carrier service by air and with Cuban airlines.
- Expanding authorizations within existing travel categories to facilitate travel to Cuba for additional purposes e.g: information and informational materials, professional meetings and public performances
For more information, please see this press release from the Department of Commerce.
Alicia Nicholls, B.Sc., M.Sc., LL.B. is a trade and development consultant with a keen interest in sustainable development, international law and trade. You can read more of her commentaries and follow her on Twitter @LicyLaw.