The White House announced Tuesday it would be lifting sanctions on Cuba, easing restrictions on financing American exports to the island nation in addition to other changes.

National Security Council Spokesperson Ned Price released a statement on the new regulatory changes.

"These changes will remove financing restrictions for most types of authorized exports, amend regulations to increase support for the Cuban people and facilitate authorized exports, and further facilitate authorized travel," read Price's statement.

According to the Treasury and Commerce Departments, the amendments will come into effect on Wednesday, Jan. 27.

Under the new changes, U.S. banks will be allowed to finance export for any product outside of agricultural commodities. Previously, American products shipped to Cuba required an advance cash payment, or had to involve a third country.

Restrictions on travel have been loosened as well, allowing blocked space, code-sharing, and leasing arrangements with Cuban airlines.

Other newly authorized transactions include travel on the basis of professional media, artistic productions, professional meetings and conferences, public performances, athletic competitions and various humanitarian projects.

These changes are part of the Obama administration's recent push to reestablish relations and restore diplomatic ties with the embargoed nation.

"Today's amendments to the Cuban Assets Control Regulations build on successive actions over the last year and send a clear message to the world: the United States is committed to empowering and enabling economic advancements for the Cuban people," said Treasury Secretary Jacob J. Lew, via a statement from the Treasury and Commerce Departments.

"We have been working to enable the free flow of information between Cubans and Americans and will continue to take the steps necessary to help the Cuban people achieve the political and economic freedom that they deserve."