US expands sanctions on Cuban government
New York: US President Donald Trump signed an executive order expanding sanctions on the Cuban government.
Trump ordered that all property and interests in property that are in and coming within the United States, or are in or coming within the possession or control of US persons of the following persons are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in, Xinhua news agency reported.
The “following persons” include those who operate in or have operated in the energy, defense and related materiel, metals and mining, financial services, or security sector of the Cuban economy, or any other sector of the Cuban economy, as may be determined by the Secretary of the Treasury, in consultation with the Secretary of State.
It also includes those who own or control, directly or indirectly, any person whose property or interests in property are blocked pursuant to this order.
The order also seeks to limit Cuba’s access to the global banking system, imposing secondary sanctions on people, entities and financial institutions that conduct financial transactions with those already sanctioned because of their ties to Cuba.
The order authorizes the US government to penalize foreign financial institutions that have conducted or facilitated any significant transaction for or on behalf of anyone with ties to the Cuban government.
Trump authorised the Secretary of State and the Secretary of the Treasury to take all actions necessary to implement and effectuate the order.
The United States has maintained sanctions against Cuba for over 60 years, with a comprehensive trade embargo officially instituted in February 1962. The sanctions have remained in place, and at times tightened or slightly eased ever since.