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United States imposes new financial sanctions on Cuban private sector
The United States government has implemented new financial sanctions targeting the Cuban private sector. The Treasury Department’s Office of Foreign Assets Control (OFAC) revoked a 2024 authorization that allowed Cuban entrepreneurs to maintain bank accounts under U.S. jurisdiction. These accounts must be frozen immediately, with funds reported to OFAC.
Additional restrictions include a ban on “U-Turn” transactions, which previously allowed U.S. banks to process dollar-denominated payments for Cuba when the origin and destination were outside the U.S. The measures also eliminate “people-to-people” educational travel and prohibit organizing or attending professional conferences on the island.
Cuban President Miguel Díaz-Canel criticized the move as hypocritical, noting that the sanctions undermine economic reforms approved in June 2026. These reforms were intended to empower private enterprise by allowing businesses to employ more than 100 workers and participate in financial markets.
Concurrently, Cuba's informal currency market has seen significant volatility. As of October 2, 2026, the U.S. dollar reached 780 CUP and the euro reached 878 CUP, reflecting ongoing economic pressure and currency shortages on the island.
Entities
Cuba · Manuel Marrero · Miguel Díaz-Canel · Miguel Díaz-Canel Bermúdez · Office of Foreign Assets Control · United States Department of the Treasury
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] In Cuba's informal market, the US dollar reached 780 CUP on October 2, 2026. www.cubaheadlines.com
- [● 4 SOURCES] The U.S. government banned U-Turn transactions that allowed banks to process dollar payments related to Cuba when the origin and destination were outside the U.S. www.mep.gob.cu · lademajagua.cu · resumen-english.org · www.porandalucialibre.es
- [● 2 SOURCES] New U.S. measures prohibit organizing or attending professional conferences on the island of Cuba. www.mep.gob.cu · resumen-english.org
- [○ 1 SOURCE] The euro reached 878 CUP in Cuba's informal market on October 2, 2026. www.cubaheadlines.com
- [● 2 SOURCES] The U.S. government has eliminated 'people-to-people' educational travel to Cuba. www.mep.gob.cu · resumen-english.org
- [● 2 SOURCES] Economic reforms approved by the Cuban parliament in June allow private businesses to employ more than 100 workers. www.europesays.com · articles.thelocalreport.in
- [● 5 SOURCES] The U.S. Treasury Department's OFAC revoked authorization for Cuban private entrepreneurs to maintain accounts in U.S. banks. www.mep.gob.cu · www.europesays.com · resumen-english.org · www.porandalucialibre.es · articles.thelocalreport.in
- [● 2 SOURCES] Cuban President Miguel Díaz-Canel accused the United States of hypocrisy for promoting private enterprise while simultaneously imposing restrictions on it. www.europesays.com · articles.thelocalreport.in