On March 24, 2015, the Office of Foreign Assets Control (OFAC) updated the Specially Designated National (SDN) List by removing 59 companies, individuals, and vessels previously blocked under the Cuban Assets Control Regulations. The companies removed include those from the United States, Panama, and Cuba. The SDN List is maintained by OFAC and identifies certain individuals and companies that are owned or controlled by or act on behalf of targeted countries or terrorist groups. U.S. citizens and permanent residents are generally prohibited from doing business with individuals or companies appearing on the SDN List.
This recent action demonstrates the Obama Administration’s continued willingness to open relations with Cuba. On January 16, 2015, U.S. Department of Treasury and Department of Commerce released new regulations intended to ease restrictions on travel and trade with Cuba.