Díaz-Canel: Cuba Approves 176 Historic Economic Reforms, Rejects US Pressure Claims

June 20, 2026

Cuba's National Assembly approved a historic package of economic reforms on Thursday, June 19, during an extraordinary session in which President Miguel Díaz-Canel categorically rejected the notion that the changes were driven by US pressure.

The package comprises 23 transformation axes and 176 specific measures, representing the most significant economic restructuring since the triumph of the Revolution in 1959. Among the most notable changes is the creation of private banking — something unseen in over six decades — the ability for citizens to own multiple businesses simultaneously, and the opening of foreign direct investment in the private sector.

Díaz-Canel delivered the closing speech and was emphatic in distancing the reforms from any external influence: "We are not doing this because of Yankee pressure, but because we have reached a moment of maturity, of reflection." The president also expressed willingness to dialogue with Washington "without hatred, but without fear," while calling the energy blockade imposed by the Trump administration since January 2026 "a barbaric, undeserved, and unbearable punishment."

The key measures included in the package are the creation of private banking for the first time since 1959, the ability for individuals to own multiple businesses, foreign direct investment in the private sector, and authorization for the non-state sector to import and sell fuel. The reforms also include decentralization granting greater autonomy to local governments and state-owned companies, new actors in the tourism sector, a push toward solar energy with easier electric vehicle imports, and a reduction of ministries from 27 to 21.

The reforms come against a backdrop of severe energy and economic crisis, exacerbated by the oil supply blockade imposed by the Trump administration beginning in January 2026. US Vice President JD Vance had said days earlier that Cuba could have "a much better relationship" with Washington if it made "smart decisions."

The extraordinary session of the National Assembly was held on June 18 and 19 in Havana.