Cuba & Title III - Sovereign Creditor Review

Cuba & Title III

BICSA designated under E.O. 14404; wind-down window for foreign persons runs to 14 November

BICSA was designated under E.O. 14404 on 15 October; FAQ 1276 gives foreign persons until 14 November to wind down. Title III: two Supreme Court rulings in 2026.

Cuba & Title III

CRF v. Banco Nacional de Cuba: English court quantifies money judgment at £18.1 million

The English Commercial Court assessed £18,034,078.32 in damages and £89,804.96 in costs against Banco Nacional de Cuba, a total of £18,123,883.28. The August coverage follows the July default-judgment process.

Cuba & Title III

Title III: Supreme Court holds Helms-Burton abrogates immunity of Cuban state entities (Exxon v. CIMEX)

In Exxon Mobil Corp. v. Corporación CIMEX (No. 24-699, decided 23 June 2026), the Supreme Court held that the Helms-Burton Act itself abrogates the sovereign immunity of Cuban agencies and instrumentalities; Title III plaintiffs need not also satisfy an FSIA exception.

Cuba & Title III

Title III: Supreme Court revives Havana Docks claims against cruise lines

In Havana Docks Corp. v. Royal Caribbean Cruises (No. 24-983, decided 21 May 2026), the Supreme Court held that the “property which was confiscated” includes the physical docks themselves. The Eleventh Circuit judgment was vacated and remanded.