OFAC’s stated GEMAR wind-down protection for non-U.S. parties ends 12 August

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has set 12 August 2026 as the end date for its stated non-enforcement position for certain non-U.S. persons winding down dealings involving Grupo Empresarial de Transporte Marítimo Portuario (GEMAR), Grupo Empresarial del Comercio Exterior (GECOMEX), or entities owned 50% or more by either party.

GEMAR is a Cuban state-owned enterprise active in the maritime and port-transport sector. OFAC FAQ 1262 says the U.S. government does not intend to target non-U.S. persons, including foreign financial institutions, under Executive Order 14404 for transactions that are ordinarily incident and necessary to wind down such dealings through 12 August. The FAQ follows the U.S. State Department’s 13 July 2026 designations of GEMAR and GECOMEX.

The wording matters operationally. OFAC’s statement is not a general authorisation for new or expanded business, nor does it remove the need to assess the transaction, parties, beneficial ownership, payment chain and applicable non-U.S. law. OFAC specifically cautions that returning assets to GEMAR or GECOMEX, or transferring assets to another jurisdiction, could expose non-U.S. persons to significant sanctions risk. From 13 August, counterparties should not assume that ordinary post-designation performance, settlement or asset movements remain within the stated wind-down position.

For shipowners, operators, charterers, port agents, bunker suppliers, cargo interests, insurers and P&I claims teams, the immediate priority is to identify open exposure. This includes port-service, agency, towage, terminal, ship-repair, technical-management, crewing, freight, commission, demurrage, claims, premium and reimbursement arrangements connected with GEMAR, GECOMEX or majority-owned affiliates. Screening should cover both named counterparties and ownership/control information available in the transaction file; contractual names alone may be insufficient.

Verified fact: OFAC’s FAQ applies its stated position to non-U.S. persons and foreign financial institutions, and identifies the 50% ownership threshold. It does not state that every Cuba-related maritime transaction is prohibited, or that every transaction involving a Cuban port is affected. The compliance outcome will depend on the counterparties, nexus, activity and relevant sanctions authorities.

Why this matters: maritime exposures often persist after a voyage through late-arriving port invoices, cargo-document amendments, claims payments and intercompany settlements. Operators should preserve evidence that any wind-down activity was necessary, completed by the deadline where possible, and reviewed before funds, assets or services are moved after 12 August. Where material uncertainty remains, specialist sanctions counsel and relevant banks, insurers or clubs should be engaged before performance.