The regulatory framework, set to be published this Wednesday in the Federal Register, amends the Cuban Assets Control Regulations (CACR) to implement part of President Donald Trump’s foreign policy toward Cuba—specifically Executive Order 14404, issued on May 1—which expands sanctions in an attempt to isolate Cuba from international trade.

Under these measures, effective September 30, banks subject to US jurisdiction are prohibited from conducting “U-turn” banking transactions.

The authorization allowing US banking institutions to open and maintain accounts exclusively in the name of Cuban citizens who are independent private-sector entrepreneurs is also being eliminated.

Unless they hold separate authorization, banking institutions subject to US jurisdiction are required to immediately block such funds and accounts and will need a specific OFAC license to unblock them.

Furthermore, the authorization regarding attendance at—or organization of—professional meetings or conferences in Cuba is being eliminated.

The OFAC is also limiting the scope of authorization for US academic institutions—and their faculty, staff, and students—regarding certain education-related transactions involving Cuba.

These new restrictions are part of the Trump administration’s brutal policy of “maximum pressure”—or “maximum aggression,” as authorities on the island describe it—in place since January of this year.

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