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Brookings Institution

Resumption of US-Cuba relations isn't expected to set off a business stampede

MIAMI With embassies now open in each country, it might seem that Cuba and the United States are ready to do business with each other. But there are still many barriers. Not only is a trade embargo still in effect, but businesses also are proceeding slowly when it comes to taking advantage of the limited commercial opening toward Cuba outlined by President Barack Obama as part of the U.S. rapprochement with Cuba. Among the most visible deals to date are Stonegate Bank's announcement last week that it had signed a correspondent banking agreement with Cuba's Banco Internacional de Comercio a move that should make it easier to pay for transactions and Airbnb's Cuban launch....

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