Story perspectives

US Sanctions Cuba’s GAESA, Moa Nickel; Sherritt Halts Joint Venture

5/9/2026

Summary

Rubio Sanctions GAESA

Secretary of State Marco Rubio announced on May 7 2026 U.S. sanctions on GAESA, its president Brigadier General Ania Guillermina Lastres Morera, and Moa Nickel S.A., which holds $18 billion in assets and up to $20 billion in illicit assets.
Sherritt International Corp. said it will suspend its Cuban joint-venture with Moa Nickel S.A. and repatriate staff.
Rubio warned more designations could follow, noting the sanctions aim to cut financial flows to Cuba’s military-linked elite.

Summary

Sherritt Shares Plunge

Sherritt's shares fell 42% to $0.145 on the Toronto Stock Exchange after sanctions on May 7, 2026.
Analyst Shane Nagle warned the company can fund operations only until fall 2026.
The Fort Saskatchewan refinery is expected to run out of Cuban metal by mid-June.
Sherritt’s market value, once near $5 billion, has fallen to a few pennies per share.
In mid-February the Moa joint-venture warned it could run out of fuel.

History

Historical Context

After President Bill Clinton signed the Helms-Burton Act on March 12 1996—extending the Kennedy-era Cuban Assets Control Regulations and targeting foreign firms—OFAC listed more than 300 Cuban-linked companies, including Moa Nickel S.A., whose assets exceed $18 billion. On May 7 2026 Secretary of State Marco Rubio sanctioned Moa Nickel’s president, echoing the law’s aim to choke military-linked revenue.

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Rubio Sanctions GAESA

Secretary of State Marco Rubio announced on May 7 2026 U.S. sanctions on GAESA, its president Brigadier General Ania Guillermina Lastres Morera, and Moa Nickel S.A., which holds $18 billion in assets and up to $20 billion in illicit assets.
Sherritt International Corp. said it will suspend its Cuban joint-venture with Moa Nickel S.A. and repatriate staff.
Rubio warned more designations could follow, noting the sanctions aim to cut financial flows to Cuba’s military-linked elite.

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