Trump Administration imposes new sanctions on Cuban economic powers
The sanctions announced by Secretary of State Marco Rubio included measures against a joint venture involving Canadian mining company Sherritt, which in a near-simultaneous announcement communicated that it was leaving Cuba.
Marco Rubio at the Department of State/ Saul Loeb.
The Trump administration on Thursday imposed new sanctions on key economic entities in Cuba in a bid to increase pressure on the communist regime.
The sanctions announced by Secretary of State Marco Rubio included measures against a joint venture involving Canadian miner Sherritt, which in a near-simultaneous announcement communicated that it was leaving Cuba.
Rubio also announced new measures against Gaesa, the military-backed conglomerate estimated to control about 40% of Cuba's economy.
Gaesa was already under U.S. sanctions, but the new measures were imposed through an executive order signed last week by President Trump, which outlines the sectors of the Cuban economy for which foreign banks would be sanctioned if they conduct transactions with such a company.
"Just 90 miles from the American homeland, the Cuban regime has brought the island to ruin and auctioned off the island as a platform for foreign intelligence, military and terror operations," said Rubio, a Cuban-American and vociferous critic of Havana.
"Additional designations can be expected in the following days and weeks," he warned.
The Gaesa case
An investigation by the Miami Herald, based on alleged leaked documents, estimated that Gaesa had $18 billion in assets in early 2024, in line with the state's own level of spending.
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