OFAC Amends Cuba Sanctions, Loosening Restrictions and Fully Implementing Biden Administration’s Cuba Policy

OFAC Amends Cuba Sanctions, Loosening Restrictions and Fully Implementing Biden Administration’s Cuba Policy

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On May 28, 2024, the US Department of Treasury’s Office of Foreign Assets Control announced amendments to 31 C.F.R. Part 515, the Cuban Assets Control Regulations, expanding access to certain financial and Internet-based activities for Cuban nationals, and making other changes. These amendments—the most consequential of which are discussed in our client alert—represent the latest efforts to ease US economic restrictions that adversely impact the Cuban people and “fully implement[]” the Biden Administration’s strategic policy of increasing support for the Cuban people, announced in May 2022.

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