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President Barack Obama said the U.S. will end more than half a century of isolation of Cuba, initiating talks to resume diplomatic relations, opening a U.S. embassy in Havana and loosening trade and travel restrictions on the nation.

The steps effectively end one of the last remnants of the Cold War, one that has been sacrosanct in U.S. domestic politics. They come as Cuba has sought a shift to gain economic support as its longtime patrons, Russia and Venezuela, have lost influence and been squeezed by plummeting oil prices.

The changes follow a rare private intercession by Pope Francis, the Catholic Churchs first Latin-American pontiff, secret meetings between Cuban and American delegations at the Vatican and in Canada, and an extraordinary telephone conversation lasting more than 45 minutes yesterday between Obama and Cuban leader Raul Castro.

Neither the American nor Cuban people are well served by a rigid policy thats rooted in events that took place before most of us were born, Obama said today at the White House in a statement that coincided with remarks by Castro in Havana.

The White House announced the steps after Cuba released American Alan Gross on humanitarian grounds. Following high-level talks between the governments since the spring, the U.S. and Cuba also made a parallel prisoner exchange of three Cuban intelligence agents for a U.S. intelligence asset who has been imprisoned for more than 20 years, according to administration officials who briefed reporters on condition of anonymity before Obama speaks.

Prisoners Released

Cuba also agreed to release 53 people the U.S. considers political prisoners, some of whom have already been released, the officials said.

The White House plans to move swiftly. The administration expects to issue regulations within weeks and open an embassy as soon as is logistically possible, according to White House officials who briefed reporters on condition of anonymity before Obama spoke. Obama said he will work with Congress to lift the full trade embargo.

Travelers will be able to use credit and debit cards in Cuba and Americans will be able to legally bring home up to $100 in previously illegal Cuban cigars treasured by aficionados.

U.S. companies will be permitted to export to Cuba telecommunications equipment, agricultural commodities, construction supplies and materials for small businesses. U.S. financial institutions will be allowed to open accounts with Cuban banks.

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Obama to Announce Easing in U.S.-Cuba Trade, Travel Relations