US lifts sanctions from dozens of companies linked to Cuba

US Department of Treasury removes dozens of Cuban linked companies from its sanctions list

Photo by: Reuters
Photo by: Reuters

US Department of Treasury lifted from its sanctions list, dozens of foreign companies and individuals that have economic and financial connections with Cuba.

The exemption list that appears on the department’s website, displays that these entities include ones from Germany, Cyprus, Kuwait, Ecuador, Jamaica, Nicaragua, Panama and Venezuela.

Listed companies are mainly registered in Panama, a key strategic trade partner of Cuba.

The US and Cuba officially restored diplomatic relations on July 20 by reopening embassies in their respective capitals after 54 years. However, a half century of economic financial and commercial embargo on Cuba is still ongoing.

Cuban president Raul Castro in July said US-Cuba relations cannot be normalized as long as the embargo is in place.

US President Barack Obama and Secretary of State John Kerry support lifting the embargo, but are unable to do so without changing the 1996 Helms-Burton Act by going through a Republican-led Congress.

John Kerry became the first US secretary of state to visit Cuba in 70 years attending the flag-raising ceremony at the opening of US Embassy in Havana on Aug. 14. 

In the ceremony, Kerry said that "the road of mutual isolation and estrangement that the United States and Cuba have been traveling is not the right one and that the time has come for us to move in a more promising direction."



TRTWorld and agencies