"These amendments will remove existing restrictions on payment and financing terms for authorized exports and reexports to Cuba of items other than agricultural items or commodities, and establish a case-by-case licensing policy for exports and reexports of items to meet the needs of the Cuban people, including those made to Cuban state-owned enterprises," the statement said.
The statement explained that the permissible payment and financing terms will include payment of cash in advance, sales on an open account, and financing by third-country financial institutions or US financial institutions.
US president Barack Obama announced in December 2014 that his administration would pursue a path toward normalizing relations with Cuba.
However, the United States continues to hold the congressionally-mandated embargo on Cuba despite having normalized relations. To lift the 50-year-old embargo, the US Congress must pass legislation to that effect.
