U.S. Treasury Amends Cuba Sanctions to Stifle Dollar Flows Into the Country
09 Sep 2019

The U.S. Treasury Department on Friday said it will curb remittances to Cuba and ban some money transfers through U.S.-regulated banks in a stiffening of a sanctions ban it says will further financially isolate the country.

The Trump administration began reversing an Obama-era thawing of relations early in its tenure, steadily ratcheting up sanctions against Havana in an attempt to coerce the Communist regime to allow democracy and end human rights abuses against political dissidents. U.S. tensions with Havana have increased amid Cuba’s alliance with Venezuela’s longtime ruler, whose government the U.S. says is illegitimate.

The Cuban mission to the United Nations didn’t respond to a request for comment.

The Treasury said it would cap remittances from the U.S. to Cuban nationals at $1,000 a person per quarter, and prohibit remittances to close family members of blacklisted Cuban officials and Communist Party members. The new rules also prohibit some fund transfers through U.S.-regulated banks that originate and terminate outside the U.S., so-called “U-turn” transactions.

By Ian Talley, The Wall Street Journal, 6 September 2019

Read more at The Wall Street Journal

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