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For what's it's worth, here's what Wiki has to say on the matter:
"Following the Cuban Missile Crisis, Kennedy imposed travel restrictions on February 8, 1963, and the Cuban Assets Control Regulations were issued on July 8, 1963, under the Trading with the Enemy Act in response to Cubans hosting Soviet nuclear weapons, which led to the Cuban Missile Crisis. Under these restrictions, Cuban assets in the U.S. were frozen and the existing restrictions were consolidated.
Multilateral sanctions were imposed by the Organization of American States (OAS) on July 26, 1964, but these were abandoned on July 29, 1975.
The restrictions on U.S. citizens traveling to Cuba lapsed on March 19, 1977; the regulation was renewable every six months, but President Jimmy Carter did not renew it and the regulation on spending U.S. dollars in Cuba was lifted shortly afterwards. President Ronald Reagan reinstated the trade embargo on April 19, 1982. This has been modified subsequently with the present regulation, effective June 30, 2004,[4] being the Cuban Assets Control Regulations, 31 C.F.R. part 515.[5] The current regulation does not limit travel of US Citizens to Cuba per se, but it makes it illegal for US Citizens to have transactions (spend money or receive gifts) in Cuba under most circumstances without a US government Office of Foreign Assets Control issued license."
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