New Cuba rules

The US’ new OFAC regulations make significant changes to the shipping sector by creating new exceptions to the “180 day rule”, which bars vessels from the US for 180 days after calling at Cuba to trade goods or purchase services, according to Michelle Otero Valdes, of Chalos & Co. The new regulation (31 CFR section 515.550) provides for the following exceptions from the vessel ban: (i) shipment of cargos exported under Commerce Department authorisation including agricultural, medical, telecommunications and other permitted goods; (ii) carriage of students, faculty and staff authorised to travel to Cuba; and (iii) vessels engaged in the exportation or re-exportation to Cuba from a third country of most agricultural commodities, medicine, or medical devices. Vessels must still not depart the US for Cuba without an export license.