OFAC tightens Cuba sanctions, restricts travel and financial transactions

WASHINGTON, September 30, 2026 — The US Treasury Department's Office of Foreign Assets Control issued new Cuba sanctions regulations and amended the Cuban Assets Control Regulations, expanding restrictions on travel and financial activity involving Cuba. The measures take effect Sept. 30.

OFAC said the new Cuba Sanctions Regulations implement Executive Order 14404, signed May 1, which authorizes sanctions against Cuban and non-Cuban foreign persons involved in specified activities related to Cuba. Foreign financial institutions may also face sanctions risk for significant transactions involving persons blocked under the order.

The amended rules end authorization for people subject to US jurisdiction to attend or organize professional meetings and conferences in Cuba, subject to a 30-day wind-down period ending Oct. 30. They also narrow educational travel authorizations and eliminate group people-to-people educational travel.

OFAC also expanded restrictions on financial dealings with entities and subentities on the Cuba Restricted List, prohibiting both direct and indirect financial transactions involving listed parties.

Banking institutions may no longer process Cuba-related U-Turn transactions that originate and terminate outside the US. Such transactions may now be rejected rather than processed.

The amendments also remove authorization for banks to open and maintain accounts for Cuban nationals who are independent private-sector entrepreneurs. Existing accounts maintained under the rescinded authorization must generally be blocked and reported to OFAC unless separately authorized.

OFAC separately issued five new Cuba-related frequently asked questions, amended 29 existing FAQs and published an alert warning US and non-US persons of increased sanctions risks involving Cuba.