The guidelines allow Cubans to open, maintain and remotely use bank accounts in the United States
14ymedio, Luis Brizuela/IPS, Havana, 15 June 2024 — Cuban entrepreneurs are cautious when evaluating the practical applications and sustainability of the new measures of the United States Government to favor the private sector on the Island, especially in the face of a possible change of administration in the neighboring country and the persistent bilateral dispute.
“I believe that all the measures that contribute to the development of commerce from entrepreneurship will always be welcome, but we need to materialize them,” says Suselmis Martín, general director and founder of the small private company SMG Branding, focused since 2019 on the creation, development and positioning of Cuban brands.
Martín highlighted the opportunity for Cuban entrepreneurs without a tourism or business visa to travel to the United States to open and use accounts remotely. “It is a facility both for the export of services and those of my company, or for colleagues and businesses to import equipment and raw materials from a very close market, with better prices and faster delivery times. But it is often difficult to pay” due to the provisions of the embargo, she claims.
Engineer Pavel Sánchez, general administrator of the medium-sized private company Ecomadeira Cubana, agreed that import and export activities “are made complex for us, especially in relation to financial movement to and from Cuba. Finding solutions to this situation is an everyday headache.”
Engineer Pavel Sánchez agreed that import and export activities “become complex for us”
Sánchez also emphasized that Washington’s measures “change some rules of the game, and although we would like a greater scope, it opens other channels for commercial operations. That is where we could benefit if, ultimately, they are implemented.”
Located in the municipality of Fomento, in the province of Sancti Spíritus, Ecomadeira Cubana has stood out since 2014 for the production of plastic or eco-wood, the result of the processing of different types of polymers with which boards, columns, rafters and beams suitable for different constructions are made.
Although the measures were announced two years ago, on May 28 the United States Department of Treasury’s Office of Foreign Assets Control (OFAC) authorized the access of independent Cuban entrepreneurs to internet services, applications and e-commerce platforms, along with channels for electronic payments and commercial activities with the US.
The guidelines allow independent Cuban private sector entrepreneurs to open, maintain and remotely use bank accounts in the United States. They also authorize services with operations on the Internet such as social media platforms, video conferencing and those that operate in the cloud. Likewise, they restore the authorization – suspended in September 2019 – for “U-turn” transactions, which are transfers of funds that originate outside the United States and also end outside the United States, in which neither the source nor the beneficiary are subject to the jurisdiction of that country.
According to the provisions, some officials and members of the Communist Party of Cuba (PCC), included on Washington’s regulatory lists, are excluded from the benefits.
In addition to considering them “limited” and seeking to “put the