OFAC Issues Cuba Sanctions Regulations Implementing E.O. 14404

OFAC issued the Cuba Sanctions Regulations (31 CFR part 516), effective 30 September 2026, implementing E.O. 14404 of 1 May 2026. The regulations provide for blocking sanctions on foreign persons operating in Cuba's energy, defense, metals and mining, financial services or security sectors, persons acting for or supporting the Government of Cuba, and those responsible for serious human rights abuse or corruption. Foreign financial institutions that facilitate significant transactions for blocked persons face correspondent account restrictions or blocking. Further, OFAC is amending the Cuban Assets Control Regulations, 31 C.F.R. Part 515 (CACR) to implement portions of the President's foreign policy toward Cuba. OFAC also issued an alert highlighting increased Cuba sanctions risk for US and non-US persons following E.O. 14404, the new Cuba Sanctions Regulations and the amended CACR. It warns foreign financial institutions to exercise caution with sanctioned persons, summarises the CACR changes, and notes that General License 1 (7 May 2026) authorises transactions prohibited by E.O. 14404 where otherwise authorised or exempt under the CACR. OFAC is also issuing five new, Cuba-related Frequently Asked Questions (FAQs 1271–1275) and 29 amended, Cuba-related Frequently Asked Questions.