Update on U.S. Sanctions Policy toward Cuba
In this blog post, Timothy O'Toole provides an update on the U.S. sanctions policy toward Cuba. "Sixteen months ago, the President first announced a change in Cuba sanctions policy, one that attempted to move from a complete U.S. embargo of Cuba to a policy of limited engagement between the two countries," O'Toole said. In the time since, embassies have been opened in both countries, the U.S. Secretary of State and President Obama have visited Cuba, U.S. regulators have created a more favorable environment for certain types of exports to Cuba and two recent policy revisions highlight how the changes are working. "The bottom line regarding these changes is that the Cuba embargo is being gradually, but steadily, loosened. Additional engagement is occurring," O'Toole said. "When and if the next round of changes will come is known only to U.S. regulators. But based on the past 16 months, it is safe to assume it will come, and that it will focus on increased engagement in the travel, exports and financial sectors."