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Economic sanctions, American

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Economic sanctions, American

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Economic sanctions, American

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U.S. economic sanctions on Cuba date back to the early 1960s when the Cuban government under Fidel Castro began to build a repressive communist dictatorship and aligned with the Soviet Union. The trade embargo was first imposed in 1962 under the authority of the Foreign Assistance Act of 1961 and the Trading with the Enemy Act and soon broadened to include a prohibition on most financial transactions with Cuba. In 1963, the Department of the Treasury issued the Cuban Assets Control Regulations (CACR); they remain the main body of embargo regulations today, and have been amended many times over the years to reflect changes in policy. In addition, since Cuba is an embargoed country, all exports to Cuba must be authorized by the Department of Commerce as implemented through the Export Administration Regulations (EAR).Over the years, Congress enacted additional laws that strengthened the embargo on Cuba, including the Cuban Democracy Act of 1992, the Cuban Liberty and Democratic Solidarity Act (LIBERTAD) Act of 1996 (which codified the embargo regulations), and the Trade Sanctions Reform and Export Enhancement Act of 2000. Congress also has enacted numerous other provisions of law that impose sanctions on Cuba, including restrictions on trade, foreign aid, and support from the international financial institutions.In December 2014, President Obama announced a major shift in U.S. policy toward Cuba, moving away from the long-standing sanctions-based policy toward a policy of engagement and a normalization of relations. The shift included three major components: the rescission of Cuba's designation as a state sponsor of international terrorism in May 2015; the restoration of diplomatic relations in July 2015; and efforts to increase travel, commerce, and the flow of information to Cuba. In order to implement the third policy component, the Treasury and Commerce Departments eased the embargo regulations (CACR and EAR) five times, most recently in October 2016, in such areas as travel, remittances, trade, telecommunications, and banking and financial services.When the President announced his policy change on Cuba, he acknowledged that he did not have authority to lift the embargo because it is codified in legislation. Moreover, the LIBERTAD Act ties the lifting of the embargo to conditions in Cuba, including that the country has a democratically elected government. Lifting the overall economic embargo would require amending or repealing the LIBERTAD Act as well as other statutes that have provisions impeding normal economic relations with Cuba.President Trump announced his Administration's policy on Cuba on June 16, 2017, which partially rolls back some of the Obama Administration's effort to normalize relations with Cuba. Although the President leaves most Obama-era policy changes in place, two significant changes include restrictions on financial transactions with companies controlled by the Cuban military, intelligence, or security services or personnel; and the elimination of individual people-to-people travel. These changes require the Treasury and Commerce Departments to amend the CACR and EAR.This report provides information on legislative provisions restricting relations with Cuba. It lists the various provisions of law comprising economic sanctions on Cuba, including key laws that are the statutory basis of the embargo, and provides information on the authority to lift or waive the restrictions.

Economic sanctions, American

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Economic sanctions, American