Feds make big changes to Cuba sanctions ahead of President Obama’s historic trip

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) announced Tuesday(March 15) significant amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), including allowing scheduled air service between the United States and Cuba that officials say will significantly increase the ability of U.S. citizens to travel to Cuba to directly engage with the Cuban people.

The regulations come ahead of President Obama’s historic trip to Cuba scheduled for next week, which will be the first time in more than 80 years a sitting president will visit the country. In addition, the amended rules will expand Cuba and Cuban nationals’ access to U.S. financial institutions and the U.S. dollar from Cuba, and will expand the ability for Cubans legally present in the United States to earn stipends and salaries beyond living expenses.

These amendments further the new direction toward Cuba that President Obama laid out in December 2014. The changes will take effect on March 16, 2016, when the regulations are published in the Federal Register.

“Today’s amendments build upon President Obama’s historic actions to improve our country’s relationship with Cuba and its people. These steps not only expand opportunities for economic engagement between the Cuban people and the American business community, but will also improve the lives of millions of Cuba’s citizens,” said U.S. Commerce Secretary Penny Pritzker.

Link here to view the list of amended travel, financial and trade regulations concerning U.S. relations with Cuba.