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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 11 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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On February 6, 2025, the State Department <a href="https://www.federalregister.gov/documents/2025/02/06/2025-02282/publishing-the-state-departments-list-of-entities-and-subentities-associated-with-cuba-cuba" target="_blank" rel="noreferrer noopener">republished the &ldquo;Cuba Restricted List&rdquo;</a> identifying entities and subentities that are under the control of, or act for or on behalf of, the Cuban military, intelligence, or security services or personnel.&nbsp;The Cuba Restricted List is significant because direct financial transactions with the enumerated entities and subentities are generally prohibited under the Cuban Assets Control Regulations maintained by the Department of the Treasury&rsquo;s Office of Foreign Assets Control (see 31 C.F.R. Part 515).&nbsp;A &ldquo;direct financial transaction&rdquo; refers to (i) &ldquo;acting as the originator on a transfer of funds whose ultimate beneficiary is an entity or subentity on the [Cuba Restricted List]&rdquo; or (ii) being &ldquo;the ultimate beneficiary on a transfer of funds whose originator is an entity or subentity on the Cuba Restricted List, including a transaction by wire transfer, credit card, check, or payment of cash.&rdquo;&nbsp;The Department of Commerce&rsquo;s Export Administration Regulations generally deny applications to export or reexport items for use by entities or subentities identified on the Cuba Restricted List as well (see 15 C.F.R. 746.2).
By republishing the Cuba Restricted List, the State Department reversed the Biden Administration&rsquo;s rescission of it on January 16, 2025, via the issuance of National Security memorandum 29 (NSM-29) on January 14, 2025.&nbsp;The Cuba Restricted List had originally been published under the first Trump Administration shortly after President Donald Trump signed National Security Presidential Memorandum 5 (NSPM-5) on Strengthening the Policy of the United States Toward Cuba on June 16, 2017.
The Cuba Restricted List varies, spanning government ministries like the country&rsquo;s Ministry of the Interior, holding companies, and even hotels throughout the country, including those located in popular tourist destinations.&nbsp;The Cuba Restricted List is identical to the original Cuba Restricted List circulated in 2017, but with one additional subentity enumerated.&nbsp;The full Cuba Restricted List is available <a href="https://www.state.gov/division-for-counter-threat-finance-and-sanctions/cuba-restricted-list" target="_blank" rel="noreferrer noopener">here on the State Department&rsquo;s website</a>.

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SmarTrade

Partner

Francesca M.S. Guerrero

Samir D. Varma

Associate

Aaron C. Mandelbaum

Senior Legislative and Regulatory Policy Advisor

Scott E. Diamond

International Trade

Reversing the Biden Administration, State Department Recreates the Cuba Restricted List