The Treasury Department has intensified travel regulations to Cuba, adding to economic pressures on the island. Effective September 30, the Office of Foreign Assets Control (OFAC) announced that U.S. citizens can no longer attend or organize professional meetings in Cuba. The “group people-to-people educational travel” category has been eliminated, and regulations on college study abroad programs have been tightened.
These measures align with the Trump administration’s “maximum pressure” policy, aimed at restricting Cuba’s oil imports and threatening sanctions on shipping companies. Severe oil shortages and a failing power grid have led to widespread blackouts, exacerbating the scarcity of food, medicine, and basic goods. This crisis has resulted in a 64.4% drop in international visitors to Cuba between January and August this year compared to 2022.
The OFAC restrictions also impact Cuba’s private businesses by prohibiting U.S. banks from opening accounts for independent Cuban entrepreneurs. This adds obstacles as Cuba’s government attempts to encourage private sector growth. President Miguel Díaz-Canel condemned these measures as intended to inflict suffering and hinder social and economic reforms.
