U.S. Sanctions Target Cuban Military Conglomerate Assets
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Washington: Secretary of State Marco Rubio on Thursday announced sanctions on Grupo de Administración Empresarial S.A. (GAESA), GAESA Executive President Ania Guillermina Lastres Morera, and Moa Nickel SA (MNSA) following President Trump’s executive order last week. Rubio said GAESA is an umbrella enterprise controlled by the Cuban military and that much of the proceeds of its activities are funneled to hidden overseas bank accounts; public estimates cited by Rubio indicate GAESA’s revenues are likely more than three times the state budget and that it likely controls up to $20 billion in illicit assets. He said MNSA, a joint venture between Sherritt International Corporation and Cuba’s La Compañía General de Niquel, has profited from assets expropriated by the Cuban regime.
Washington: The Hill reported that MNSA operates in Cuba’s metals and mining sector, and the Wall Street Journal reported that Sherritt suspended its joint-venture activities in Cuba, its directors resigned, and the company is taking steps to repatriate employees. The sanctions announced by Rubio follow the Trump administration’s executive order, which the White House said imposes new sanctions on entities, persons, or affiliates that support Cuba’s security apparatus, are complicit in government corruption or serious human rights violations, or are agents, officials, or material supporters of the Cuban government.
More context
Timeline
- 1. January: U.S.-aligned actions regarding Venezuela precede heightened focus on Cuba.
- 2. Prior weeks: U.S. blocked most oil shipments to Cuba, increasing pressure on Havana.
- 3. Last week: President Trump signed an executive order broadening sanctions on Cuba.
- 4. Thursday: Secretary of State Marco Rubio announced sanctions on GAESA, its executive president, and Moa Nickel SA.
- 5. Following days: AP-sourced U.S. officials state no imminent military action and report conditional aid offers to Cuba.
Why it matters
These sanctions could impact your wallet. If you invest in companies doing business with Cuba, they may face losses. Also, if you're planning a trip to Cuba, expect changes. Check your travel insurance and investment portfolios.
Sources
JQJO Editorial Desk · Human reviewed · AI assisted. Report a correction.
