Treasury Department Eases Cuba Sanctions

New Rules Open Opportunities for Exports, Financial Services, and Travel

On January 16, 2015, the U.S. Treasury Department issued new sanctions regulations easing the 54-year old Cuban embargo. Coming in the wake of the Obama administration's efforts to restore diplomatic relations with Cuba, the new rules facilitate travel, expand certain exports, and authorize related financial transactions. The move also reduces some restrictions on multinational companies with U.S.-based affiliates, making it easier for these firms and their foreign affiliates to conduct business with certain Cuban nationals. These changes are not a panacea for companies looking to expand their business with Cuba or Cuban nationals, however. With most elements of the embargo still in force, corporations that are (or could be) subject to U.S. jurisdiction should review the rules carefully before pursing new business opportunities.