- #List of countries currently under us sanctions full#
- #List of countries currently under us sanctions license#
- #List of countries currently under us sanctions free#
This rule has resulted in several examples of accidental noncompliance. This generally covers both subsidiaries and 50/50 joint ventures between a US and non-US person.
#List of countries currently under us sanctions full#
Subsidiaries of US persons – The Cuba sanctions apply in full to non-US entities that are owned or controlled by US persons.However, there are several important qualifications:
#List of countries currently under us sanctions free#
It applies to US persons and US-origin goods, technology and services, but does not generally apply to non-US persons, who are free to deal with Cuba. Unlike many other sanctions programs, the Cuba sanctions program is purely a primary sanctions program. Each transaction is treated separately for this purpose, so an ongoing pattern of trade with Cuba that takes the form of multiple “transactions” can very quickly add up to substantial penalties. However, the “per transaction” qualification is key. In contrast, the highest civil penalty per transaction under the TWEA is generally US$50,000 (inflation-adjusted, currently at US$90,743).
The highest civil penalty per transaction under the IEEPA is generally the greater of twice the value of the underlying transaction and US$250,000 (inflation-adjusted, currently at US$307,922). The most important practical difference between the two is that penalties under the TWEA are lower than under the IEEPA. Unlike most US sanctions programs, which fall under the International Emergency Economic Powers Act of 1977 (IEEPA), the Cuba sanctions program falls under the authority of the Trading With the Enemy Act of 1917 (TWEA).
#List of countries currently under us sanctions license#
However, for most items, the Bureau of Industry and Security (BIS), which is part of the US Department of Commerce, maintains a general policy of denial of license requests. As with other sanctions, limited trading of certain US origin goods to Cuba is permitted under general licenses (which apply to all or parties) or specific licenses (which a specific party may apply for).
However, in October 2019, President Trump lowered the de minimis US origin threshold to 10%. Historically, the de minimis threshold was 25%, which was higher than the 10% threshold applicable to many other programs. For this purpose, non-US origin items with more than de minimis US origin content are treated as US origin items. The US also maintains an embargo on Cuba, generally prohibiting the export to Cuba of goods from the US, and the reexport from other countries of US origin items. However, regardless of the administration, the general rule has been and remains that most trade between the US or US persons and Cuba is prohibited. Many, but not all, of these changes have been reversed by President Trump. In general, former President Obama expanded the range of permitted trading with Cuba. The scope of these exceptions has varied substantially over the past several years. But this general rule is followed by multiple exceptions and qualifications that permit limited trading between the US or US persons and Cuba. The general rule is that all transactions between the US or US persons and Cuba are prohibited. In some respects, the Cuba sanctions program can be thought of as comprehensive but porous. Cuba Sanctions in General: Comprehensive but Porous As a result, it does not follow the same template as other US sanctions programs. It was enacted in the wake of the 1959 Castro revolution in Cuba, and crystalized in essentially its current form in 1963 with the promulgation of the Cuban Assets Control Regulations. The Cuba sanctions program is the oldest US sanctions program still in existence.
0 kommentar(er)
