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Cuban President Miguel Díaz-Canel criticized new U.S. restrictions after a September 30, 2026, rule removed an authorization that had let some Cuban independent entrepreneurs open and maintain accounts at U.S.-jurisdiction banks. The same amendment expanded restrictions on financial transactions involving entities on the Cuba Restricted List. The rule’s legal effects are distinct from Díaz-Canel’s political claim that Washington is acting against Cuban private enterprise.
Why Díaz-Canel criticized the United States
On October 2, 2026, Díaz-Canel accused the United States of hypocrisy: he said Washington promoted private enterprise in Cuba while imposing new restrictions on Cuban private businesses. The Associated Press reported that he made the remarks during a podcast discussion with Prime Minister Manuel Marrero about implementing Cuba’s economic reform package. Associated Press report, October 2, 2026.
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“Now they are attacking that sector as well, making it increasingly clear that there is no interest or willingness to benefit our people – that it is all a lie, all a fallacy,” Díaz-Canel said, according to AP. That is his characterization of U.S. policy, not an established finding about the U.S. government’s motive. He also rejected descriptions of Cuba as a “failed state,” saying, “We are not going to stop.”
What the U.S. rule changed on September 30, 2026
The Federal Register amendment to the Cuban Assets Control Regulations took effect September 30, 2026. It makes two distinct changes: it removes a banking authorization for certain Cuban entrepreneurs and broadens the Cuba Restricted List regime to cover specified indirect as well as direct financial transactions. Federal Register, Cuban Assets Control Regulations, September 30, 2026.
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Accounts for Cuban independent entrepreneurs
The amendment removed the authorization for U.S.-jurisdiction banking institutions to open and maintain accounts solely in the name of a Cuban national who is an independent private-sector entrepreneur, for transactions otherwise authorized by or exempt from the regulations. The rule does not establish how many entrepreneurs had such accounts; AP reported that the number was unavailable.
For funds already in accounts covered by the former authorization, the Federal Register states that “Banking institutions subject to U.S. jurisdiction will require a specific license from OFAC to unblock funds located in these accounts.” The change is therefore not a general statement that every Cuban private business or every transaction involving one is prohibited. OFAC’s FAQ summarizes the account change and related amendments: OFAC, Frequently Asked Questions – Newly Added.
Direct and indirect transactions with listed entities
The amendment also prohibits persons subject to U.S. jurisdiction from engaging in indirect financial transactions with entities or subentities on the Cuba Restricted List, in addition to the existing prohibition on direct transactions. The rule defines a covered indirect transaction as participation in a transfer of funds when the participant is neither the originator nor the ultimate beneficiary, but one of those parties is a listed entity or subentity.
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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →The Secretary of State may add qualifying entities linked to Cuba’s military, intelligence, or security services when financial transactions would disproportionately benefit those services at the expense of the Cuban people or private enterprise. OFAC says specified general licenses were also amended to exclude indirect transactions with listed entities; exceptions and authorizations matter, so this is not a blanket ban on commerce with all Cuban private firms. See OFAC FAQ 1271.
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How the U.S. changes differ from Cuba’s June reforms
Cuba’s parliament approved an economic reform package in June 2026. AP reported that its provisions give private enterprise wider latitude, including the ability for private businesses to employ more than 100 workers, participate in financial and currency markets, import and export without state intermediaries, hire workers directly, and gain access to more idle land. These are reported provisions; the report does not establish that every measure has been fully implemented. Díaz-Canel and Marrero said the government did not intend to embrace capitalism. Associated Press report, October 2, 2026.
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| Policy | Who or what it affects | Conduct at issue | Date and qualification |
|---|---|---|---|
| U.S. account-authorization change | U.S.-jurisdiction banking institutions and accounts solely in the name of qualifying Cuban independent entrepreneurs | Opening and maintaining accounts under the removed authorization; a specific OFAC license is required to unblock funds located in such accounts | Effective September 30, 2026; the number of affected account holders was unavailable, according to AP |
| U.S. Cuba Restricted List amendment | Persons subject to U.S. jurisdiction transacting with listed entities or subentities | Direct transactions remain prohibited, and specified participation in indirect transfers is also prohibited; amended general licenses and stated exceptions apply | Effective September 30, 2026 |
| Cuba’s economic reform package | Private businesses in Cuba | Reported expansions to hiring, trade, financial-market participation, and access to idle land | Approved by parliament in June 2026; implementation of every provision is not established in the AP report |
What the rule does—and does not—establish
- The affected bank-account authorization was withdrawn; this does not by itself mean every financial transaction involving a Cuban entrepreneur is barred.
- The indirect-transaction provision targets specified transfers connected to Cuba Restricted List entities and applies to persons subject to U.S. jurisdiction. The rule also includes exceptions and OFAC general-license provisions.
- The legal text records the regulatory requirements. Díaz-Canel’s claim that the measures show hostility toward Cuban people or private businesses is a political interpretation, not a legal effect of the rule.
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