Foreign individuals, banks, or financial institutions that conduct financial transactions with the Cuban government or sanctioned individuals and entities will also be subject to sanctions.
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US President Donald Trump has issued a new executive order aimed at imposing further economic sanctions on the Cuban government. He has issued a new order to further expand and strictly enforce the sanctions already in force.
According to this order, all types of property and financial transactions of Cuban-related persons controlled by US citizens, entities or individuals in the United States will be blocked. Such property will no longer be able to be transferred, sold, paid for or used in any other financial transaction. This will directly limit the economic activities of persons with ties to Cuba.
This ban is specifically targeted at key sectors of the Cuban economy. Individuals and entities related to the energy, defense and military equipment, metals and mining, financial services and security sectors will fall under the scope of this order. In addition, the relevant authorities have been given the authority to include other sectors if deemed necessary in the future.
Another important aspect of this order is the ‘second-level sanctions’. This means that foreign individuals, banks, or financial institutions that conduct financial transactions with the Cuban government or sanctioned individuals and entities will also be subject to sanctions. This will make it more difficult for Cuba to access the international banking system, as banks in other countries may also hesitate to do business with Cuba for fear of US sanctions.
Similarly, the US government may impose sanctions, fines, or other sanctions on any foreign financial institution found to have significant transactions with individuals associated with the Cuban government. This could further hinder Cuba's international trade and investment.
The US Secretary of State and the Treasury Secretary have been authorized to take all necessary steps to implement this order. This shows that the US administration wants to achieve its policy goals by increasing economic pressure on Cuba.
The US has been imposing various types of sanctions on Cuba for more than 60 years. A comprehensive trade embargo was formally imposed in 1962, which almost completely stopped economic relations between the two countries. Although restrictions have been eased for a while since then, they remain tight in most cases.
This new measure risks putting further pressure on Cuba's economy.
