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  • U.S. Treasury Secretary Steven Mnuchin in Washington, U.S., July 30, 2020.

    U.S. Treasury Secretary Steven Mnuchin in Washington, U.S., July 30, 2020. | Photo: EFE

Published 31 July 2020

The Trump administration seeks to harden a trade blockade against Cuba in effect since 1962.

The U.S. Department of Treasury Thursday announced sanctions against London-based Cuban-owned Havin Bank LTD, in an attempt to damage the island’s economy.


Cuba: Strategy To Boost Economy Helps Social Justice

The entity, also known as Havana International Bank, was blacklisted by the Treasury Department’s Office of Foreign Assets Control.

Havin Bank has been operating since August 1973 and its main shareholder is the Banco Central de Cuba.

As of today, it is the only bank with entirely Cuban capital operating outside Cuba.

Havin Bank maintains a network of 400 correspondents around the world that provide services for the Cuban market.

Over 200 Cuban companies have been included on the State Department's blacklist, as part of Washington's strategy to intensify sanctions against the Caribbean nation.

The sanctions came right after Cuba’s government approved a socioeconomic strategy to boost the domestic economy and face the global COVID-19 crisis.

As part of the new economic measures, the government allowed the U.S. currency to circulate and eliminated a 10 percent tax on dollar transactions.

After assuming the presidency in 2016, Donald Trump reversed an opening with the Caribbean country initiated less than two years earlier by former President Barack Obama.

This way, the Republican president hardened a trade blockade in effect since 1962.


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