Cuban Assets Control Regulations
Key claim: Treasury is tightening Cuba sanctions by banning indirect dealings with Cuba Restricted List entities, ending U-turn bank transfers, and stripping licenses for group people-to-people travel and professional meetings in Cuba.
Abstract
(Rule · Treasury Department, Foreign Assets Control Office) The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending the Cuban Assets Control Regulations to implement portions of the President’s foreign policy toward Cuba, including as directed by National Security Presidential Memorandum-5, “Reissuance of and Amendments to National Security Presidential Memorandum 5 on Strengthening the Policy of the United States Toward Cuba” (2025 NSPM-5), signed by the President on June 30, 2025. Among other things, this rule adds a prohibition on indirect financial transactions with entities or subentities on the Cuba Restricted List; amends other authorizations related to financial transactions, including removing an authorization for “U-Turn” transactions; and amends authorizations related to travel and related transactions, including removing authorizations for group people-to-people travel and professional meetings in Cuba.
Why this matters
This rule narrows two of the most-used channels of lawful U.S. engagement with Cuba — group people-to-people travel and U-turn dollar-clearing payments — and extends the Cuba Restricted List prohibitions to indirect dealings, broadening diligence obligations on banks and travel providers. It is a concrete tightening of the embargo’s trade and financial scope rather than a new designation program, and signals a shift back toward the stricter CACR posture of the first Trump administration.