Law360, New York (July 30, 2015, 11:22 AM EDT) -- There has been much fanfare surrounding the re-establishment of diplomatic relations with Cuba, starting with President Barack Obama's announcement of the resumption of bilateral relations and followed by the formal establishment of diplomatic relations, the reopening of embassies in both countries, rule amendments by the U.S. Departments of Commerce, Treasury and State and removal of Cuba from the so-called "E-1" list of foreign State Sponsors of Terrorism. But for American businesses anxious to make tracks to Cuba to establish commercial beachheads for the sale of goods and technology, the reality is much the same as it has been since 1982 when Cuba was first designated as a State Sponsor of Terrorism (SSOT). The island nation remains the subject of a comprehensive U.S. trade embargo under which U.S. persons are forbidden from conducting virtually all types of commercial transactions with Cuba unless they obtain "specific licenses" from Commerce and/or Treasury and the chances of obtaining them have been slim to none....