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The White House on Friday disclosed plans to blacklist dozens of businesses in Cuba and expand existing sanctions against the Cuban government in what some have called the first step of a broader strategy to renew a U.S. embargo against the country.
U.S. Treasury Department officials on Tuesday lifted banking and export restrictions against Cuba they say have stymied yearlong efforts to normalize economic and diplomatic ties with the island-nation.
The Obama administration on Friday further eased U.S. economic and trade sanctions against Cuba, ending certain prohibitions on banking relationships and limits on wire transfers to the nation.
Thursday's partial easing of U.S. sanctions against Cuba will do much to bring money to the island nation, but even a full rollback of economic restrictions won't soon resolve the biggest barriers to entry for American banks: low profit margins and high regulatory risk.
The U.S. Treasury Department's sanctions enforcer issued regulations Thursday permitting American banks to transact directly with their Cuban counterparts for the first time in decades.
President Obama announced plans Wednesday to significantly ease commercial and economic sanctions targeting Cuba, dismantling key elements of the 54-year U.S. embargo against the Caribbean nation.
The incoming Obama administration is likely to scale back limits on remittances to Cuba imposed by President Bush, a move that would be welcomed by the U.S. financial community, according to bank regulatory specialists.
