Jeremy Paner Discusses New Cuba Sanctions with Reuters
Highlights
U.S. expands sanctions against Cuba under new executive order.
Non-U.S. banks, energy, and mining companies face increased sanctions risk exposure.
Jeremy Paner calls move the most significant since the U.S. embargo against Cuba began.
Jeremy Paner discussed a Cuba-related executive order with Reuters.
On May 1, President Trump issued an executive order authorizing the imposition of sanctions against non-U.S. individuals and companies for their connections to or dealings involving the Cuban government. Most importantly, the United States may now also sanction non-U.S. companies determined to operate in the energy, defense and related materiel, metals and mining, financial services, or security sector of the Cuban economy. Like other similar sectoral sanctions designation criteria, the Secretary of the Treasury may also issue determinations to include additional sanctionable economic sectors.
For the first time since the United States imposed its embargo against Cuba more than 60 years ago, OFAC is now authorized to sanction non-U.S. companies for their dealings and transactions with Cuba. Paner said the move was the most significant one for non-U.S. companies since the U.S. embargo against Cuba began decades ago.
“Oil and gas, mining companies, and banks that have carefully segregated their Cuba operations from the United States are no longer protected,” said Paner.
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