U.S slaps new sanctions on Cuban companies key to island's economy
Summary
The U.S. government has imposed new sanctions on five Cuban state companies that are key to Cuba’s economy, including those linked to the military-run conglomerate GAESA. These sanctions aim to limit foreign investment and pressure Cuba’s government by cutting off access to the U.S. financial system.Key Facts
- The U.S. targeted five Cuban companies, including three connected to GAESA, which controls about 40% of Cuba’s economy.
- GAESA holds $14.5 billion in liquid reserves as of early 2024.
- The sanctioned companies include Almacenes Universales S.A. (a major logistics and storage firm), Rafin S.A. (a financial arm of GAESA), and Banco Financiero Internacional S.A. (a bank used by foreign investors).
- Other companies hit by sanctions are Geominera S.A. (mining) and Empresa Siderúrgica Jose Martí (steel production).
- The daughter-in-law of former Cuban President Raúl Castro, Annalie Lilliam Rueda Cardero, was personally sanctioned.
- Sanctions threaten foreign investors who work with these entities by risking bans or loss of access to U.S. financial services.
- Cuban officials condemned the sanctions and said Cuba is stronger than expected despite U.S. pressure.
- These sanctions come shortly after Cuba announced economic reforms intended to ease import restrictions for the private sector.
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