As pointed out elsewhere in this thread, that's not true. As a simple counterexample, Air Canada flies to Cuba and does business with US companies/individuals just fine.
I'm not an expert on the embargo, and it's a bit complicated because it's got multiple pieces of enabling legislation, but at first glance the only one of those that says anything close to what you're saying is Title III of the Helms-Burton act (see http://www.treasury.gov/resource-center/sanctions/Documents/... for full text). That explicitly allows companies "trafficking in property which was confiscated by the Cuban Government on or after January 1, 1959", if it was confiscated from a United States national, to be sued in US courts. This obviously only matters to companies doing business in the US, because otherwise they don't care whether they get sued to start with. Note also that certain forms of real estate are excluded from the provisions of this law, again at first glance.
Am I just missing something? Do you have a citation for your claim?