The Cuban entrepreneur Yulieta Hernández Díaz, director of the private micro, small, and medium-sized enterprise Pilares Construcciones, stated that the main obstacle faced by private businesses in Cuba is political in nature and is related to the lack of stability, legal security, and trust on the island.
In an analysis published on Facebook, the engineer and architect reacted to the decision by the Office of Foreign Assets Control (OFAC) effective from September 30, 2026 to eliminate the authorization that allowed banks under U.S. jurisdiction to open and maintain accounts for independent private Cuban entrepreneurs, a provision approved by the Biden administration in May 2024.
Unless there is another applicable authorization, the affected funds and accounts must remain blocked and their release requires a specific license from OFAC.
Hernández Díaz clarified that the measure does not directly affect him, as he does not have bank accounts in the United States and does not personally know any Cuban entrepreneurs who do.
However, he pointed out that its impact could be greater if those who used those accounts account for a significant portion of private wholesale trade in Cuba or if a substantial share of the products reaching the island depends on American companies, banks, or shipping lines without sufficient alternatives in other markets. For Hernández Díaz, however, the financial difficulties faced by private Cuban entrepreneurs predate this measure
“One of the main problems we private entrepreneurs in Cuba face is, precisely, access to reliable banking services. Cuban banking does not provide us with the trust we need to develop our operations, and at the same time, foreign banks, in general, are not willing to take on the so-called 'Cuba risk,'” he explained.
Hernández Díaz stated that since 2021 he has attempted to open accounts in foreign banks without success, even during the relaxations introduced by the Biden administration.
That financial exclusion, he warned, ultimately affects the consumer's wallet.
"When a financial operation cannot be carried out simply, securely, and directly, intermediaries emerge, along with commissions, currency conversions, delays, and other costs and expenses. In the end, these financial costs become part of the price of products and services," he noted.
The statement comes amid the challenges of the banking initiative promoted by the Cuban government, in a context characterized by difficulties in accessing cash, informal operations, and a growing distrust of the national banking system.
The businesswoman also questioned the regulatory instability in Cuba, which she defined as "legislative schizophrenia" characterized by "norms that change, are modified, are suspended, or reappear under a different name."
"The uncertainty and lack of trust that private businesses in Cuba face have both internal and external causes," he stated.
For Hernández Díaz, "businesspeople need stability. We need security. We need trust. We need clear rules that do not depend on discretionary decisions and can be maintained over time," he stated.
He concluded with a powerful statement: "The greatest difficulty facing private businesses in Cuba is political. As I often say: without political transformations, there will be no viable or sustainable economic or social changes."
The controversy surrounding the role of SMEs has gained momentum again after Miguel Díaz-Canel stated that "the non-state sector is ours", while Foreign Minister Bruno Rodríguez had accused Washington days earlier of harming precisely that sector.
The official reaction to the new OFAC measures thus reignited the debate over the real autonomy of small and medium-sized enterprises (mipymes) and their relationship with the Cuban state.
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