Cuban Market Far From “Open”

A post from the Bryan Cave law firm looks at the relaxation of trade sanctions against Cuba recently announced by President Obama. New regulations now have been implemented by the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce, Bureau of Industry and Security (BIS). The OFAC regulations deal with travel and financial transactions, while the BIS regulations address the types of products that may be exported to Cuba. This post details what exports will be allowed, including certain building materials, some tools and supplies, and certain consumer communications devices, but overall it finds that the new regs “open the door to Cuba slightly wider, but do not come anywhere close to a reversal of the near-total embargo …”