Members whose trade involves Venezuela should be aware that OFAC has recently added to the SDN list four ship owning companies and nine vessels.
U.S. Cuban Policy Update
20/06/2017
On June 16, 2017 President Trump issued a Presidential Memorandum on Strengthening the Policy of the United States Toward Cuba. In a speech on that date to Cuban-Americans in Miami, President Trump stated that he was immediately cancelling the Obama Administration's "one-sided deal with Cuba". The question is whether this new policy will impact international shipping.
In October 2016 the U.S. Treasury, Office of Foreign Assets Control ("OFAC") announced further amendments to the Cuban Asset Control Regulations ("CACR"), which restrict the scope of the application of the "180 day rule," by permitting ships to carry a wider range of cargos to be imported to Cuba from third countries without their being subject to the '180 day rule'.
U.S eases '180 Day rule' on trade with Cuba
28/10/2016
On October 14, 2016, the U.S. Departments of the Treasury and Commerce announced further amendments to the Cuban Asset Control Regulations "(CACR") one of which will directly impact international shipping.
U.S Sanctions regime - Cuba
02/10/2015
Read the latest advice from Reed Smith on the amendments to the 180-day rule which concern the U.S Sanctions regime and Cuba.
The Cuban Asset Control Regulations ("CACR") were amended in January 2015. Further amendments were recently announced by the Treasury Department's Office of Foreign Asset Control ("OFAC") and went into effect on September 21, 2015.
United States Charts New Course on Cuba
30/01/2015
In mid December 2014, US President Obama announced changes in the embargo in place against Cuba since 1963. The goals of the changes are to improve human rights conditions and democratic reforms in Cuba as well as fostering improved conditions for the Cuban people. Issues of mutual concern such as migration, counter narcotic, environmental protection and human trafficking will be discussed.