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LatinNews Daily - 04 July 2019

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In brief: Cuba

* The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Cubametales, Cuba’s state-run oil import and export company. The US Treasury Department cited Executive Order (EO) 13850 in its decision, which allows the Secretary of the Treasury, in consultation with the Secretary of State, to sanction any entity it designates as having “materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of” the Venezuelan government. Since October 2000, Cuba and Venezuela have been strategic economic partners through the Cuba-Venezuela integral cooperation agreement (CIC), which guarantees Cuban assistance to Venezuelan medical, technology, and military sectors in exchange for Venezuelan oil.