Fact Check:

Important not to get too orgasmic.

“Cuba is open to having a fluid commercial relationship with U.S. companies and also with Cubans residing in the United States and their descendants. This extends beyond the commercial sphere. It also applies to investments- not only small investments, but also large investments, particularly in infrastructure. The blockade deprives us of access to financing, access to technology, access to markets, and in recent years, it has specifically been aimed at depriving our country of access to fuel.” Deputy Prime Minister Oscar Pérez-Oliva Fraga

Reality will be painful…

A reminder to the Diaz-Canel-Valdes Mesa Administration (2019- ) in Havana that the first since 1994, almost all of the first licenses Bureau of Industry and Security (BIS) of the United States Department of Commerce, Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury for Republic of Cuba-related commercial, economic, and financial initiatives originated from companies located outside of the State of Florida and from individuals not of Cuban descent. “Cuban-Americans” made use of the effort and landscape created first primarily by others.

On 10 March 2022 the Biden-Harris Administration (2021-2025) directed the OFAC to issue the first license authorizing direct investment in and direct financing to a privately-owned company in the Republic of Cuba owned by a Republic of Cuba national.

Yes, the government of the Republic of Cuba is only now authorizing what could have been implemented four years ago- and resulted in meaningful capital flows and direct foreign investment. They refused.

That refusal has for nearing four years also impacted direct investment and direct financing into the re-emerging private sector in the Republic of Cuba not only from the United States, but from all countries- including those the government of the Republic of Cuba professes to have connectivity- Canada, China, European Union members, Russia, Spain, Mexico, etc.

The Trump-Vance Administration (2025-2029) should “trump” the decision by the government of the Republic of Cuba.

The “trump” card should be for the Trump-Vance Administration to require direct correspondent banking for all transactions into and out of a privately-owned company located in the Republic of Cuba. This means Republic of Cuba government-operated financial institutions would need to establish correspondent accounts with United States-based financial institutions. A requirement of would be Republic of Cuba government-operated financial institutions “open their books” to audits by United States-based accounting firms.

The use of correspondent accounts rather than funds flowing through third countries would ensure a cost-effective, efficient, and transparent financial landscape.

Links To Related Analyses

Link: Biden-Harris Administration Re-Engagement With Cuba’s Re-Emerging Private Sector Brings Urgency To Re-Authorization Of Direct Correspondent Banking, U-Turn Transactions. One-Way Does Not Work. October 06, 2022

Link: Cuba Government Delaying Private Company Investment/Financing Regulations Is Costing Earning Potential For U.S. And Other Country Sources. Success Should Not Be Feared. September 25, 2023

Link: Now The Hard Part For Cuba: Implementing Quickly Transparent, Equal-For-All, MSME Investment & Financing Regulations. No Limitations. No Selectivity. No Orwellian Process. August 04, 2022

Link: Biden-Harris Administration Approves First Equity Investment Since 1960 In A Private Cuban Company May 10, 2022

Link: With U.S. Government Authorization For First Direct Equity Investment Into A Private Company In Cuba, Here Is Important Context And Details. About The Parties; About The Message. May 16, 2022

Link: Mr. de Cossio At MINREX In Cuba Not Quite Accurate With His Comments About Biden-Harris Administration Efforts With MSMEs And Remittances December 20, 2022

Link: State Department, NSC, OFAC, BIS, USDA Don't Understand Requirements For Financial Plumbing To Function Efficiently. They Excel In Creating, Maintaining, And Defending Clogs. May 16, 2023

Link: Logic From U.S. Department Of State: If We Permit It, Cuba Might Not Use It, So We Won’t Permit It. And, Yes, No One Asked Cuba. And, No One Asked U.S. Banks, Companies. May 01, 2023