John S. Kavulich, president of the US-Cuba Trade and Economic Council that looks at commercial ties between the countries, said the immediate effects of Pompeo’s move would include discouraging financial institutions from dealing with Cuba.

Insurance companies could also suspend coverage or jack up rates for operators of ships and aircrafts to Cuba, he said.

“Transactions with the Republic of Cuba would have an increase in scrutiny, resulting in fewer governments and companies wanting to engage with it,” he said.

But he doubted the move would ultimately change Cuba’s policies, including its staunch support for Venezuelan President Nicolas Maduro, whom the Trump administration has sought to topple.

Providing a legal justification, Pompeo pointed to Cuba’s refusal to extradite commanders from Colombia’s National Liberation Army (ELN) over a January 2019 car bombing at a Bogota police academy that killed 22 people.

Cuba has said it will not hand them over due to its role mediating between the ELN and government.

Pompeo also pointed to Cuba’s sanctuary of Americans including Assata Shakur, a Black Power militant who fled to the island after escaping prison following a conviction over the killing of a New Jersey state trooper.

Only three other countries are on the blacklist — Iran, North Korea and Syria. Trump last year removed Sudan after its democratic transition, compensation for past attacks and agreement to recognize Israel.