In a recent speech President Trump stated that the relaxation in sanctions against Cuba introduced by President Obama would be "completely reversed", calling the Obama relaxation a "completely one-sided deal".
In practice however the repeal is limited and impacts mainly on the ability of US persons to travel to Cuba and trade with the Cuban military. As a helpful Client Alert from the Club's US attorneys Freehill Hogan & Mahar makes clear, the impact on maritime trade looks to be limited and - crucially - there are as yet no indications of change to the "180-day rule" for ships trading to US after having called in Cuban ports. Members will recall that this rule was partially relaxed in October 2016 - please see our News Item of 21 October 2016.
Please click here for the Freehill Client Guide.
Please click here for updated OFAC FAQs published following President Trumps' speech.
The situation may develop further and Members will be kept advised of developments. In the interim Members should contact the Managers with any questions concerning the impact of these and any other sanctions.