The Trump administration has imposed financial sanctions on a vast business conglomerate controlled by Cuba’s military and a Cuban-Canadian mining partnership as part of efforts to increase pressure on the island’s communist leadership by targeting foreign investment sources. Following the detention of the leader of Cuba’s long-time ally Venezuela in January, President Donald Trump has indicated that Cuba is the next focus, leading to a blockage of most oil deliveries to the country, exacerbating power shortages 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.” Under this directive, U.S. Secretary of State Marco Rubio mentioned that the administration is aiming at Grupo de Administracion Empresarial S.A. (GAESA), a military conglomerate reportedly overseeing around 40% of Cuba’s economy, and its Executive President Ania Guillermina Lastres Morera.
The sanctions also targeted Moa Nickel SA, a joint venture between Toronto-based Sherritt International Corp and Cuba’s state-owned nickel company, impacting one of Cuba’s primary sources of foreign currency. The U.S. government has additionally limited U.S. travel and remittances to Cuba and discouraged regional allies from engaging Cuban doctors, a significant revenue source for Cuba.
With Sherritt suspending its activities, all major sources of hard currency for Cuba have now been effectively targeted by the U.S. The company announced the immediate suspension of its direct involvement in joint venture operations in Cuba and the repatriation of its expatriate staff. The company assured that its refinery operations in Fort Saskatchewan, Alta., are ongoing with sufficient feed material until mid-June.
In response to the fresh U.S. sanctions, Cuba’s Foreign Ministry condemned the measures as “ruthless economic aggression” and a violation of international law, calling on the international community to address the escalation in U.S. attempts to influence Cuba’s fate. The U.S. has persistently demanded Cuba to liberalize its state-controlled economy, compensate for confiscated properties, and hold democratic elections, demands that Cuba’s socialist government has rejected.
Senator Rubio, emphasizing the national security threat posed by Cuba’s communist regime, highlighted the administration’s commitment to pursuing political and economic reforms in Cuba. The sanctions were announced after Rubio’s discussions with military officials at the U.S. Southern Command in Florida, where he reiterated the U.S. stance towards Cuba. The move comes amid concerns raised by the Vatican over escalating tensions between the U.S. and Cuba, with calls for dialogue to ease the situation.
International experts have criticized Trump’s fuel blockade on Cuba, labeling it as “energy starvation” with severe implications for the island nation’s development and human rights.