On 29 May 2015, the U.S. State Department formally de-listed Cuba from its List of State Sponsors of Terrorism. After President Obama recommended a de-listing to Congress, a 45-day period for lawmakers to oppose it, was triggered. After 45 days, no opposition had been made, so Cuba was formally de-listed yesterday. Cuba had been listed since 1982, after having been added by President Ronald Reagan.
The de-listing, briefly put, entails that certain restrictions against Cuba, mainly of financial nature, have been eased. American banks and credit card companies would now have less to fear of the risks to their reputation and finances that could be imposed by the bad publicity and potential fines of doing business with Cuba.
The de-listing of Cuba is merely an important step, insisted on by Cuban diplomats, in restoring diplomatic ties and normalizing the relationship between the two countries. The next step will be discussions about reopening embassies in Havana and Washington and the freedom of movement for U.S. diplomats in Cuba and Cuba’s concerns about U.S. democracy programs.
However, the de-listing will probably have little effect yet for U.S. transactions with Cuba, because the most important restrictions against Cuba, the embargo’s against Cuba, remain in force. These cannot be lifted without action by the Congress, which is not likely to take place soon.
B&A Law will of course keep you updated.
The official announcement of the de-listing can be found here: http://www.state.gov/r/pa/prs/ps/2015/05/242986.htm