U.S. President-elect Donald Trump's pledge to reverse current American sanctions policies for Cuba and Russia is forcing financial institutions to reconsider whether and how to process transactions to and from those countries, say sources. Several global lenders have turned a cautious eye towards Cuba amid a series of U.S. Treasury and State Department actions easing travel, trade and banking restrictions on the island, which was removed from the U.S. list of State Sponsors of Terrorism last year. At the same time, dozens of Russian officials, entrepreneurs and banks have been added to U.S. blacklists and novel long-term financing bans imposed...
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.
U.S. officials are increasingly relying on economic sanctions as a tool of foreign policy, but the effectiveness of sanctions in achieving policy objectives is questionable, according to Bryan Early, political science professor at University at Albany.