22 USC 7207 - Prohibition on United States assistance and financing

U.S Code last checked for updates: Nov 22, 2024

§ 7207.

Prohibition on United States assistance and financing

(a)

Prohibition on United States assistance

(1)

In general

(2)

Rule of construction

(3)

Waiver

(b)

Prohibition on financing of agricultural sales to Cuba

(1)

In general

No United States person may provide payment or financing terms for sales of agricultural commodities or products to Cuba or any person in Cuba, except in accordance with the following terms (notwithstanding part 515 of title 31, Code of Federal Regulations, or any other provision of law):

(A)

Payment of cash in advance.

(B)

Financing by third country financial institutions (excluding United States persons or Government of Cuba entities), except that such financing may be confirmed or advised by a United States financial institution.

Nothing in this paragraph authorizes payment terms or trade financing involving a debit or credit to an account of a person located in Cuba or of the Government of Cuba maintained on the books of a United States depository institution.

(2)

Penalties

(3)

Administration and enforcement

(4)

Definitions

In this subsection—

(A)

the term “financing” includes any loan or extension of credit;

(B)

the term “United States depository institution” means any entity (including its foreign branches or subsidiaries) organized under the laws of any jurisdiction within the United States, or any agency, office or branch located in the United States of a foreign entity, that is engaged primarily in the business of banking (including a bank, savings bank, savings association, credit union, trust company, or United States bank holding company); and

(C)

the term “United States person” means the Federal Government, any State or local government, or any private person or entity of the United States.

(Pub. L. 106–387, § 1(a) [title IX, § 908], Oct. 28, 2000, 114 Stat. 1549, 1549A–70.)

cite as: 22 USC 7207