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Sanctions Rewrite Will Open Cuba to U.S. Companies

Joe Mont | December 17, 2014

With what he described as “historic steps to chart a new course” and normalize relations between the United States and Cuba, President Barack Obama has announced an easing of decades-old sanctions against the island nation. Companies, however, will need to hold tight before taking advantage of any business opportunities.

Among the initiatives announced on Wednesday are the re-establishment of diplomatic relations with Cuba, severed in 1961, and re-opening an embassy in Havana. “Adjusting regulations to more effectively empower the Cuban people,” will include amendments to regulations of the Departments of Treasury and Commerce. Along with an easing of travel restrictions, remittance levels to Cuban nationals and humanitarian projects will be raised from $500 to $2,000 per quarter (excluding officials of the government or the Communist party). Remittance forwarders will no...

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