US SANCTIONS
Exit of foreign hotel chains adds to Cuba's tourism collapse
Downtown Havana. Photo: Wirestock Creators/Shutterstock
A deadline set by Washington this month is placing unprecedented economic pressure on Cuba.
The measures, set out in Executive Order 14404, include sanctions against GAESA, the military-run conglomerate that controls most of Havana's strategic industries, and they threaten secondary penalties against individuals, foreign companies and financial institutions that continue to do business with it.
The US Treasury Department's Office of Foreign Assets Control (OFAC) said firms should wind down those operations before a June 5 deadline or risk being cut off from the international financial system. What followed was a cascade of departures unlike anything the island has seen since the revolution…
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