Cuban entrepreneurs granted limited banking access in the US

In a groundbreaking move, private sector entrepreneurs in Cuba will now have the opportunity to establish US bank accounts that they can access remotely, US officials announced on Tuesday. This update to the country’s Cuba policy marks a significant shift in the longstanding embargo on Cuba, allowing conditional access to the US banking system to support the private sector.

“These amendments will facilitate greater access to internet-based services for the Cuban people,” a senior US official shared with reporters. The changes will also provide the independent Cuban private sector with greater access to international transactions and US banking services, including online payment platforms.

However, Cuban Foreign Minister Bruno Rodriguez criticized the measures as “limited,” stating that they do not address the economic suffocation caused by the decades-old embargo imposed by Washington. Rodriguez believes that these measures aim to create divisions within Cuban society.

Under the new rules, independent private sector entrepreneurs will be able to set up US bank accounts for authorized transactions that can be accessed remotely. This is expected to facilitate the import of essential goods such as food and equipment to support the Cuban people.

The Biden administration has been vocal about supporting the growth of Cuba’s private sector, including by providing greater access to US internet services and e-commerce platforms. With the Cuban economy facing its deepest crisis in decades, these changes could offer new opportunities for Cuban entrepreneurs to navigate the challenges they face.

It is important to note that the latest announcement excludes prohibited Cuban government officials, such as military officers, and comes shortly after Cuba was removed from a list of countries that do not fully cooperate on counterterrorism. This development signals a potential shift in US-Cuba relations and could have far-reaching implications for both countries.