The State Department announced a new round of sanctions targeting major businesses tied to Cuba’s communist government and military, saying the move is aimed at cutting off financial networks that help fund repression and threaten U.S. national security.
The sanctions target GAESA, a military-run Cuban business conglomerate that controls large parts of the island’s economy, along with GAESA executive Ania Guillermina Lastres Morera and mining company Moa Nickel SA. The State Department warned additional designations are expected in the coming weeks.
According to the administration, GAESA controls major sectors of the Cuban economy, including tourism, banking, shipping, and retail operations. Officials accused the company of funneling money to Cuban elites while the country continues facing economic collapse, power shortages, and widespread poverty. The administration also claimed GAESA controls billions of dollars in overseas assets.
The sanctions block any property or financial interests connected to the designated entities that fall under U.S. jurisdiction and prohibit Americans or U.S.-based businesses from conducting transactions with them unless specifically authorized by the Treasury Department. Foreign banks and companies doing business with the sanctioned groups could also face penalties under the order.
The administration also accused Moa Nickel SA, a joint venture involving Canadian mining company Sherritt International and Cuba’s state nickel company, of profiting from property and resources seized by the Cuban government after the communist revolution.
State Department officials said the broader sanctions campaign is intended to pressure Cuba’s government economically while limiting its ability to work with foreign intelligence and military partners operating near the United States.
Read the State Department Press Release
