Trump signs executive order expanding Cuba sanctions to target foreign firms and banks

On Friday, US President Donald Trump enacted an executive order that broadens sanctions on Cuba, permitting penalties against foreign firms and financial institutions engaging with the nation. This new directive empowers US officials to freeze assets of any foreign individual or organization involved in crucial sectors of the Cuban economy—such as energy, financial services, mining, and defense—or those that offer material, financial, or technological assistance to the Cuban government. Additionally, it permits sanctions on foreign financial institutions that conduct significant transactions for designated entities, which may include limiting access to the US banking system or freezing assets within US jurisdiction. This order extends US enforcement capabilities internationally, similar to the secondary sanctions approach applied to Iran, heightening risks for global companies connected to Cuba, including those from China and Europe.