The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued new regulations on Tuesday affecting or prohibiting certain financial transactions and travel to Cuba.
These measures are part of the policy of strangulation and collective punishment implemented by that country’s government against the Cuban people, grounded in the Executive Order of May 1st, which establishes direct actions and secondary measures aimed at isolating Cuba from international trade.
Among the decisions announced by OFAC on September 29 are:
Prohibiting any citizen under U.S. jurisdiction from traveling to Cuba to participate in or organize professional meetings or conferences, effective tomorrow, September 30.
Prohibiting group educational travel (“people-to-people educational travel”), which was previously authorized by OFAC.
Effective September 30, 2026, Cuba-related educational travel by persons subject to U.S. jurisdiction must take place under the auspices of an organization subject to U.S. jurisdiction, and almost all travelers must be accompanied by a representative of the sponsoring organization.
Expanding the prohibition so that persons subject to U.S. jurisdiction cannot conduct direct or indirect financial transactions with entities included on the Cuba Restricted List.
Eliminating authorization for so-called “U-Turn” banking transactions, which allowed U.S. financial institutions to process certain Cuba-related transfers when the origin and destination of the funds were outside the United States.
Banks subject to U.S. jurisdiction will no longer be able to open or maintain accounts — under the now-eliminated authorization — for Cubans considered independent private entrepreneurs. Accounts held under that provision must be blocked, unless separate OFAC authorization exists.
Banking institutions are no longer permitted to open or maintain bank accounts for Cuban citizens who are independent private-sector entrepreneurs. As of September 30, 2026, banking institutions that previously held accounts for such individuals in accordance with the repealed section 31 CFR § 515.584(h)(2) are required to block all such funds and accounts and report them to OFAC, unless separately authorized by OFAC. Access to blocked funds requires a specific license from OFAC.
The new measures demonstrate the cynicism of U.S. claims that their actions are directed against the Cuban government, as they restrict U.S. citizens from traveling freely to Cuba and undermine the private businesses of Cuban citizens, in addition to the direct impact they have on the standard of living of the Cuban people.
[ SOURCE: CUBA DEBATE ]
