Cuba to U.S.: Help Banks Shed Fear of Dealing with us

Washington must give assurances that banks dealing with Cuba will not be punished under the U.S. trade embargo, which remains in force despite the restoration of diplomatic ties, an official said Thursday.

Cuba will make this argument Monday in Havana at a meeting of officials from the two countries to review how the process is going, said Gustavo Machin, deputy director of U.S. affairs in the Foreign Ministry.

"It has still not been possible to normalize banking relations between the two countries, and among American banks and multinational banks there is a still much fear of dealing with Cuba," he said.

The United States and Cuba buried the hatchet in July 2015 and restored diplomatic ties severed half a century ago.

President Barack Obama paid an historic visit to Cuba in March of this year.

Prior to that trip, Obama gave the go ahead for Cuba to use the dollar in its dealings with U.S. banks and carry out banking transactions in the U.S. This was yet another easing of the embargo, although it remains in place.

"That measure needs to be accompanied by a strong statement, a political statement, or even a legal tool, which ensures banks that they are not going to be punished for dealing with Cuba," said Machin.

He said this and other issues related to the embargo will be on the agenda at Monday's meeting, the third of its kind since ties were restored.