US tightens sanctions on Cuba

Washington has intensified sanctions against Cuba, imposing stricter restrictions on financial transactions and travel for US citizens. The Treasury Department's Office of Foreign Assets Control (OFAC) has prohibited indirect financial dealings with certain Cuban entities, particularly those tied to the military and security sectors, as well as the Gaesa economic conglomerate.

A ban has been placed on "U-Turn" transactions, which previously allowed US banks to process dollar payments involving Cuba without direct involvement from American citizens. Additionally, US banks are no longer authorized to open and maintain accounts solely in the name of private sector entrepreneurs in Cuba. The new regulations limit the types of travel permitted for US citizens, requiring authorization for cultural exchanges, people-to-people trips, and business conferences.

Relations between the US and Cuba have deteriorated since President Donald Trump returned to power in January 2025, with the Republican leader alleging that Cuba poses a significant threat to the US. Since then, Washington has imposed a de facto oil embargo on the island nation of 9.4 million people, exacerbating its economic and energy crisis.