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In what has been described as the most significant change in Cuba policy in more than 50 years, on Dec. 17, 2014, President Barack Obama has instructed the Secretary of State to begin the process of re-establishing diplomatic relations with Cuba, which were severed in January 1961. This information is according to a recent DLA Piper article published via the LexisNexis® Legal Newsroom | Business Law Blog.
While the Cuban embargo still remains fully in effect, and its provisions must be carefully followed, as a full relaxation of the US embargo requires an Act of Congress, any new commercial activities mentioned in the President’s announcement will be permitted only when (and if) OFAC and the US Commerce Department (Bureau of Industry and Security), as appropriate, issue the necessary regulatory amendments.
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