PRINT
1262. On July 13, 2026, the Department of State designated the Cuban entities Grupo Empresarial del Comercio Exterior (GECOMEX) and Grupo Empresarial de Transporte Marítimo Portuario (GEMAR) pursuant to E.O. 14404. Are non-U.S. persons, including foreign financial institutions (FFIs), exposed to sanctions risk for winding down transactions with GECOMEX or GEMAR?
The U.S. government does not intend to target non-U.S. persons, including FFIs, pursuant to E.O. 14404 for engaging in transactions ordinarily incident and necessary to the wind down of transactions involving GECOMEX, GEMAR, or any entity in which either GECOMEX or GEMAR owns, directly or indirectly, a 50 percent or greater interest, through August 12, 2026. However, non-U.S. persons, including FFIs, should proceed with caution in any dealings with a party sanctioned under this authority. Actions to return assets to GECOMEX, GEMAR, or any entity in which either GECOMEX or GEMAR owns, directly or indirectly, a...
Click the appropriate link below for access to this file.
Click the appropriate link below for access to this file.
1) See FAQ # 1262 and comments thereto (very similar FAQ but with respect to GAESA). This FAQ makes some non-substantive technical tweaks vis-à-vis FAQ # 1262, and specifically notes that “Relevant authorizations may include humanitarian-related transactions authorized under the CACR in subpart E of part 515 and under E.O. 14404 via General License (GL) 1”.