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New Executive Order threatens sanctions against non-US persons doing business with Cuba

A green car on the Prado Boulevard, one of the main streets of Havana, Cuba.
Photo: Getty Images

Non-US financial institutions are likely to evaluate Cuba-related customers or counterparties more strictly in light of the new secondary sanctions authority.

The White House’s new executive order substantially expands the scope of an already comprehensive sanctions framework on Cuba, authorizing sanctions on non-US persons doing business with Cuba, as well as non-US persons – including foreign financial institutions – doing business with non-Cubans who become sanctioned under the executive order.

On May

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