The U.S. imposed financial penalties on a large business entity managed by the Cuban military and a Canadian-Cuban mining collaboration. This move is part of the Trump administration’s efforts to increase pressure on Cuba’s communist leadership by focusing on foreign investment sources. Following the capture of the Venezuelan ally by Cuba in January, President Trump indicated that Cuba would be the next target and restricted most oil deliveries to the country, exacerbating electricity shortages on the island.
Recently, Trump signed an executive decree expanding U.S. sanctions on Cuba, which President Miguel Díaz-Canel criticized as coercive. Under this directive, U.S. Secretary of State Marco Rubio disclosed that the administration targeted Grupo de Administracion Empresarial S.A. (GAESA), a military conglomerate reportedly controlling a significant portion of Cuba’s economy, and its Executive President Ania Guillermina Lastres Morera. Rubio accused Cuba of facilitating intelligence operations for U.S.-adverse nations, a claim that Cuba refutes.
Furthermore, the sanctions also impacted Moa Nickel SA, a collaboration between Sherritt International Corp based in Toronto and Cuba’s state-owned nickel company. This joint venture, responsible for mining nickel and cobalt, was identified by Rubio as a critical source of foreign exchange for Cuba. The Trump administration has also restricted U.S. travel and remittances to Cuba, discouraged regional allies from hiring Cuban doctors – a program generating substantial revenue for Cuba.
Sherritt, one of the few companies operating on a large scale in Cuba despite severe U.S. sanctions, announced the suspension of its direct involvement in joint ventures in Cuba. The company is arranging the repatriation of its expatriate staff in Cuba and requested its partners to do the same. While refinery operations in Fort Saskatchewan, Alta. remain unaffected for now, Sherritt anticipates material supplies to last until mid-June.
Cuba’s Foreign Ministry condemned the new U.S. sanctions as ruthless economic aggression and a violation of international law. The ministry urged the global community to address this escalation in U.S. attempts to dominate Cuba’s fate. The U.S. has persistently demanded Cuba to transition to a market economy, compensate for properties seized under Fidel Castro’s regime, and conduct free and fair elections, demands that Cuba rejects.
Recently, Rubio engaged in discussions with military officials at the U.S. Southern Command in Florida, responsible for U.S. activities in the Caribbean. He emphasized that the U.S. will continue its actions against Cuba until political and economic reforms are implemented. The imposition of sanctions coincided with Rubio’s meeting at the Vatican with Pope Leo, who advocated for dialogue amid escalating tensions between the U.S. and Cuba. Notably, UN experts criticized Trump’s fuel blockade on Cuba, highlighting its severe impact on the nation’s development and human rights.