Story perspectives

US Sanctions GAESA, Moa Nickel; Sherritt Halts Cuban Operations

5/10/2026

Summary

Story summary

The United States sanctioned Cuba’s GAESA, which controls 40 percent of economy and holds $14.5-$20 billion in assets, and Moa Nickel venture.
Secretary of State Marco Rubio called GAESA the heart of Cuba’s communist system, while Cuba’s Foreign Ministry called the sanctions aggression.
Sherritt International suspended its Cuban operations after President Donald Trump signed an executive order expanding United States (U.S.) sanctions authority over foreign banks and individuals dealing with Cuba.

History

Historical Context

Congress passed the Helms-Burton Act on March 12 1996, signing it into law by President Bill Clinton to extend the U.S. embargo to foreign firms—targeting over 300 companies and prompting EU condemnation. In 2018 John Bolton announced sanctions on more than two dozen Cuban-military entities. Today Secretary of State Marco Rubio cites GAESA’s $15 billion holdings as the regime’s financial core, echoing that extraterritorial pressure.

1 of 2

Story summary

The United States sanctioned Cuba’s GAESA, which controls 40 percent of economy and holds $14.5-$20 billion in assets, and Moa Nickel venture.
Secretary of State Marco Rubio called GAESA the heart of Cuba’s communist system, while Cuba’s Foreign Ministry called the sanctions aggression.
Sherritt International suspended its Cuban operations after President Donald Trump signed an executive order expanding United States (U.S.) sanctions authority over foreign banks and individuals dealing with Cuba.

1 / 2