Representatives from the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, Bureau of Industry and Security (BIS) of the United States Department of Commerce, United States Department of State, United States Department of Justice, and The White House (National Security Council) are discussing (individually and collectively) ways to implement changes to regulations that restrict the use of the U.S. Dollar by the government of the Republic of Cuba for international transactions.
The changes are likely to be implemented by the end of 2015.
With increasing examples of United States-based financial institutions blocking and/or delaying payments received from the Republic of Cuba or sent to the Republic of Cuba, the Obama Administration has determined that a change is required both to correct the current issues and to further create national and international pressure(s) upon the government of the Republic of Cuba to authorize the implementation of the regulations issued thus far in 2015 by the BIS and OFAC.
The decision has been made; the focus now is to determine the scope of the regulatory changes- will all restrictions be removed, will there be sector-by-sector changes, or will there be a stepped-approach dependent upon reciprocity (i.e. commence and/or increase purchases of exports from the United States, provision of services, etc.) by the government of the Republic of Cuba.
The efforts by the Obama Administration continue to be energized by the desire for a visit in 2016 by President Obama to the Republic of Cuba.
U.S. - Cuba Trade and Economic Council, Inc.
Established in 1994, the U.S.-Cuba Trade and Economic Council provides an efficient and sustainable educational structure in which the United States business community may access accurate, consistent, and timely information and analysis on matters and issues of interest regarding United States-Republic of Cuba commercial, economic, and political relations.