The United States has imposed financial sanctions on a large business conglomerate managed by Cuba’s military and a mining joint venture involving Cuban and Canadian entities. This action is part of the Trump administration’s efforts to increase pressure on Cuba’s communist leadership by targeting foreign investment sources. Following a military operation to capture the leader of Venezuela, a historical ally of Cuba, President Trump indicated that Cuba would be the next target. As a result, most oil shipments to Cuba have been blocked, leading to exacerbated power outages on the island.
President Trump recently signed an executive order expanding U.S. sanctions against Cuba, a move criticized by President Miguel Díaz-Canel as “coercive.” The order targets Grupo de Administracion Empresarial S.A. (GAESA), a military conglomerate controlling a significant portion of Cuba’s economy, and its Executive President Ania Guillermina Lastres Morera, according to U.S. Secretary of State Marco Rubio. Allegations of providing a platform for intelligence operations by hostile nations have been denied by Cuba’s government.
Furthermore, the sanctions also impact Moa Nickel SA, a joint venture between Sherritt International Corp based in Toronto and Cuba’s state-owned nickel company. This move undermines a crucial revenue source for Cuba, as stated by Rubio, and complements the restriction on U.S. travel and remittances to Cuba. Sherritt has suspended its direct involvement in joint venture operations in Cuba and is repatriating its expatriate employees. The company assured that refinery operations in Fort Saskatchewan, Alta., are ongoing with sufficient feed material until mid-June.
Cuba’s Foreign Ministry condemned the new U.S. sanctions as “ruthless economic aggression” and a violation of international law. The U.S. has persistently demanded economic reforms, reparations for expropriated properties, and democratic elections in Cuba, which the Cuban government has rejected. Cuban officials accuse the U.S. of implying military intervention while attributing the island’s economic and social challenges to decades of U.S. sanctions.
Senator Rubio affirmed the U.S. commitment to pressuring Cuba for political and economic changes during discussions at the U.S. Southern Command in Florida. The recent sanctions reflect the administration’s stance against threats posed by Cuba’s communist regime to national security in the hemisphere. The sanctions coincided with Rubio’s meeting at the Vatican with Pope Leo, who advocated for dialogue amidst escalating tensions between the U.S. and Cuba. UN experts highlighted the severe impact of Trump’s fuel blockade on Cuba, describing it as “energy starvation” with detrimental effects on the country’s development and human rights.