Cuba rolls out sweeping economic reforms amid US oil sanctions and foreign investment push

In July the National Assembly approved a package of 176 reforms, of which 158 are now being enacted under Prime Minister Manuel Marrero Cruz, covering private import of medicines, relaxed tourism rules and the creation of privately owned banks overseen by the Central Bank. The Assembly also opened the door for direct foreign capital in private Cuban enterprises and lifted the 100-employee cap on such firms. Economists call the program the most significant shift since the 1959 revolution, and individuals like former nuclear engineer Mauricio Alonso see new opportunities for partnerships and tourism services.

Yet the US-imposed oil sanctions, formalized by Executive Order 14380, have deepened fuel shortages, blackouts and economic hardship, leading many Cubans to doubt whether foreign investors will engage on fair terms. Vietnam and China have already begun cooperation, supplying rice and solar equipment, while Cuban officials warn that external pressure could limit the reforms’ impact.