(CNN)President Donald Trump on Wednesday announced a new series of economic sanctions on Cuba that ban US citizens from buying Cuban cigars as well as rum and staying at Cuban government-owned hotels on the communist-run island.

"Today, as part of our continuing fight against communist oppression, I am announcing that the Treasury Department will prohibit US travelers from staying at properties owned by the Cuban government," Trump said at a White House event honoring Bay of Pigs veterans. "We're also further restricting the importation of Cuban alcohol and Cuban tobacco."

"These actions will ensure that US dollars do not fund the Cuban regime and go directly to the Cuban people," the President asserted.