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Biden Administration Authorizes U.S. Private Investment in Cuba After 62 Years

Administración Biden autoriza a inversor privado americano para hacer negocios en Cuba por primera vez en 62 años

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The United States authorized for the first time in six decades an investment in a “private” business in Cuba, undertaken by John Kavulich, who told EFE news agency that he has been in contact for almost a year with officials of Joe Biden’s Administration, congressmen, and senators who have supposedly helped to bring this operation to a successful conclusion.

Kavulich, president of the U.S.-Cuba Economic and Commercial Council, does not give many details about the investment of up to $25,000, nor does he give the name of the Cuban business, as he prefers to wait for Cuba to give the go-ahead.

The businessman does not want to give names of his interlocutors, but according to him, they were officials of the Biden-Harris administration, including the State Department, the Treasury Department, the Department of Commerce, the Department of Defense, the Department of Justice in all areas, as well as with both houses of Congress.

Until now, the U.S. embargo on Cuba, in force since 1960, prevented this type of investment and, according to Kavulich, this is the first time that this type of license has been approved since the boycott went into effect.

No official of the Biden Administration has so far made any statement on this issue or on the eventual lifting of the embargo for investments in Cuba.

The investor submitted the license request to the Office of Foreign Assets Control (OFAC) on June 10, 2021, and this agency gave the green light on May 10, 2022.

For Kavulich to be able to invest in this company —which he discovered thanks to a Facebook group— he still needs Cuba’s approval, but the businessman says he is 90% sure he will get it.

This week, Biden took yet another step to facilitate the financing of the Castro regime by announcing a relaxation of limitations on remittances and flights, among other things, reversing part of the last round of sanctions applied by the previous president, Donald Trump.

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