US President Donald Trump signed an executive order Friday expanding sanctions on Cuba to include foreign companies and financial institutions that do business with the Cuban government [1].
The new order authorizes penalties not only against Cuban officials but also against third-country actors that provide material, financial, or technological support to Cuba’s government or operate in key sectors of its economy [1]. U.S. authorities gain authority to block assets of foreign individuals or entities deemed to aid the Cuban regime [1].
Foreign financial institutions that facilitate significant transactions for designated Cuban entities risk restrictions such as limited access to the U.S. banking system or asset freezes under U.S. jurisdiction [1]. The policy effectively extends U.S. enforcement power beyond its borders by imposing 'secondary sanctions' similar to those used against Iran [1].
The sanctions target a broad network of companies and banks worldwide that maintain economic ties with Cuba, marking a significant escalation in U.S. efforts to pressure the island nation through financial restrictions [1].
