Beyond Rum And Cigars: Further Easing Of Sanctions Paves Way For Increased Business Opportunities In Cuba

Mondaq Business BriefingCuba Law Articles in EnglishInternational Law (2016)

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Beyond Rum And Cigars: Further Easing Of Sanctions Paves Way For Increased Business Opportunities In Cuba

On October 17, 2016, the U.S. government further eased the economic sanctions and trade embargo against Cuba to implement the administration's policy of increasing engagement and commerce to benefit the Cuban people and American businesses. In coordinated revisions that reflect their overlapping jurisdiction over the U.S. embargo of Cuba, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") and the U.S. Department of Commerce's Bureau of Industry and Security ("BIS") released revisions to the Cuban Assets Control Regulations, 31 C.F.R. Part 515 ("CACR"), and the Export Administration Regulations, 15 C.F.R. Parts 730-774 ("EAR"). The revised regulations are effective immediately.

While initial he...

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