Blog
Russian state oil company Rosneft considers oil prospecting and production in Cuba. The key issues relating to the implementation of the project will be discussed by the Russian President and President of Cuba Raul Castro at the UN General Assembly.
Russia has already started delivering Cuba electric power equipment. Another Russian state-controlled oil company Zarubezhneft considers the increase of enhanced oil recovery at the Boca de Jaruco oil field. A joint project on the modernization of a thermal power station in the towns of Mariel and Santa Cruz del Norte is also being discussed.
Russia intents to get involved in the oil exploration between Cuba and Florida. Last year the Russian companies Rosneft and Zarubezhneft signed an agreement with Cuba on the oil prospecting off the Cuban coast. According to the agreement, Rosneft is to set bases for staff in the Cuban port of Mariel, and equipment for offshore drilling rigs, as well as a system of pipe lines and a helicopter pad. Source: Pravda.Ru
Amendments Further Implement President Obama’s 2014 Announcement Related to the Easing of Cuba Sanctions.
The Department of the Treasury and the Department of Commerce are announcing additional revisions to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), building off the changes put into place by Treasury and Commerce on January 16, 2015 and further delivering on the new direction toward U.S. relations with Cuba that President Obama laid out last December. The changes, consistent with the President’s December announcement, will take effect on Monday, September 21, 2015, when the regulations are published in the Federal Register. A fact sheet detailing the revisions, which will be administered by Treasury’s Office of Foreign Assets Control (OFAC) and Commerce’s Bureau of Industry and Security (BIS), is below.
Travel –
Transportation by vessel of authorized travelers – between the United States and Cuba only and without stops in third countries – will be authorized by general license.
Close relatives now also will be allowed to visit or accompany authorized travelers for additional educational activities, journalistic activity, professional research, and religious activities, as well as activities related to humanitarian projects and activities of private foundations or certain research or educational institutes.
All authorized travelers will be allowed to open and maintain bank accounts in Cuba in order to access funds for authorized transactions while in Cuba.
Telecommunications & Internet-Based Services –
Persons subject to U.S. jurisdiction will be allowed to establish a business presence in Cuba, including through joint ventures with Cuban entities, to provide certain telecommunications and internet-based services, as well as to enter into licensing agreements related to, and to market, such services.
Persons subject to U.S. jurisdiction will be allowed to import Cuban-origin mobile applications into the United States and to hire Cuban nationals to develop them.
Commercial and Financial Transactions –
All persons subject to U.S. jurisdiction will be allowed to provide goods and services to individual Cuban nationals located outside of Cuba, provided there is no commercial exportation of goods or services to or from Cuba.
Banking institutions will be able to open and maintain accounts for Cuban individuals for use while the Cuban national is located outside of Cuba, and to close such accounts.
Physical Presence and Operations in Cuba –
Persons subject to U.S. jurisdiction engaging in the following categories of authorized activities will be allowed to establish and maintain a physical presence, such as an office, retail outlet, or warehouse, in Cuba: news bureaus; exporters of certain goods authorized for export or reexport to Cuba by Commerce and OFAC, such as agricultural products and materials for construction or renovation of privately-owned buildings; entities providing mail or parcel transmission services or certain cargo transportation services; providers of telecommunications or internet-based services; entities organizing or conducting educational activities; religious organizations; and providers of carrier and certain travel services. These individuals and entities will also be authorized to employ Cuban nationals, open and maintain bank accounts in Cuba, and employ persons subject to U.S. jurisdiction in Cuba.
Remittances –
The limits on donative remittances to Cuban nationals other than prohibited Cuban Government or Cuban Communist Party officials, currently set at $2,000 per quarter, will be removed entirely. The limits on authorized remittances that individuals may carry to Cuba, previously $10,000 for persons subject to U.S. jurisdiction and $3,000 for Cuban nationals, will also be removed entirely.
Remittances from Cuba and from Cuban nationals in third countries to the United States will be authorized by general license, and financial institutions will be allowed to provide related services.
Legal Services –
A new general license will authorize persons subject to U.S. jurisdiction to receive, and make payment for, certain legal services from Cuba or Cuban nationals.
Humanitarian Projects –
The license authorizing transactions related to specified humanitarian projects will be expanded to include disaster relief and historical preservation.
The Havana-based Enterprise of Recordings and Musical Editions (known by its Spanish initials EGREM) and Sony Music Entertainment are pleased to announce that as of September 15, 2015, they have entered into a licensing agreement for the international distribution of EGREM’s catalog of Cuban music.
The exclusive multi-year agreement encompasses audio and audiovisual recordings produced by EGREM since the 1960s. This constitutes the most extensive catalog of Cuban music in the world. It includes recordings by such artists as Bola de Nieve, Elena Burke, Ibrahim Ferrer, Compay Segundo, Celina Gonzalez, Cesar Portillo de la Luz and Guillermo Rubalcaba. The catalog also contains recordings by the musical groups Aragon, Irakere and Los Van Van, including their most recent album La Fantasía, A Tribute to Juan Formell.
Published by Sony Music Entertainment
CUBA’S growing ranks of the self-employed will be able to apply for loans of up 10,000 pesos under a new program established by the Banco Popular de Ahorro (BPA),
THE “collateral” for the loans will be a linked savings account (monthly amortization 200 pesos)
The bank also extended the grace period for the amortization of the loan from 5 to 10 years, and reduced the amount of paperwork needed for this operation. Published by AIN
New Visa Regulation for Cubans to enter Panama, has been implemented following by the Decree signed by the Panamanian president Juan Carlos Varela.
The new method establishes the granting of up-to-three-year entry and exist visas at the decision of the Panamanian consul in Havana.
The Decree foresees the accreditation of two officials representing the National Security Council (CSN) and National Migration Service, who will analyse the applications.
According to the previous procedure the National Security Council had to review and approve visa applications case by case, which lasted several months.