US Treasury Revokes Cuba Financial Licenses, Tightens Sanctions

The United States Treasury Department has intensified its sanctions regime against Cuba by introducing new constraints on financial operations within the island’s private sector. Under these measures, authorities have prohibited any financial dealings with Cuban organizations linked to security apparatuses and the Grupo de Administración Empresarial S.A. (GAESA).

Revocation of Banking Permissions

Treasury officials canceled a general license that had permitted US banks since 2024 to process dollar payments involving Cuba, provided the payment source and destination were outside the United States and did not affect American citizens’ interests. Additionally, the department rescinded an authorization granted in 2024 under President Joe Biden, which allowed US banks to open and manage accounts for Cuban nationals operating as independent entrepreneurs in the private sector.

Travel Restrictions Imposed

The Treasury also imposed limitations on specific categories of travel previously authorized by President Barack Obama. These restrictions now require explicit permission from US authorities for participation in cultural exchange programs, conferences, and expert meetings.

Context of Economic Pressure

This escalation follows President Donald Trump’s earlier decision to extend the trade embargo against Cuba until September 14, 2027. Cuban authorities maintain that the increased pressure from Washington has resulted in fuel shortages, power outages, and a worsening economic crisis.