Full Breakdown
U.S. Pressure on Cuba and the Sherritt Deal
6/10/2026, 5:02:07 AM
U.S. Pressure on Cuba and the Sherritt Deal
In late 2020, the Trump administration announced that foreign firms operating in Cuba could face sanctions unless they complied with U.S. demands for economic reforms. Sherritt International, a Canadian mining company with more than 30 years of activity in Cuba, announced a withdrawal, then reversed its decision and disclosed a plan to sell a 55 percent stake in its Cuban assets to Gillon Capital LLC, a financial office linked to the Washburne family. Ray Washburne, a former head of the Overseas Private Investment Corporation appointed by President Trump, is associated with the buyer.
Historical Context
Since the 1959 Cuban Revolution, the Cuban government nationalized private property, including railroads, sawmills, shipyards, cement factories, and estates. The United States frames Cuba’s refusal to permit private-capital investment as a security concern, labeling the regime a “national security threat.” U.S. officials tie this label to a push for “serious economic reforms,” defined as privatizing state assets and expanding foreign investment.
Key Actors
Key actors include Sherritt International; Gillon Capital LLC (Washburne family); Ray Washburne, former OPIC head; Teo A. Babún Jr., Cuban-American expatriate; and Ben Roswell, former Canadian ambassador to Venezuela. Media cited: Politico, El Pais, Miami Herald, New York Times.
Official Policy Statements
According to Politico, U.S. officials have said that Cuba must pursue “serious economic reforms,” which include privatizing state assets and opening the economy to additional foreign investment. The administration has also described Cuba as a “national security threat,” using that label to justify heightened economic pressure.
Criticism of the Policy
Critics argue that the pressure is intended to benefit U.S. investors rather than to advance democratic governance. They contend that the policy could worsen humanitarian conditions in Cuba and describe it as “economic strangulation.” The analysis suggests the strategy primarily benefits a limited group of political donors linked to the administration.
Verbatim Quotes
- “In other words: companies that do business in Cuba have to shut down, unless they are sold for bargain basement prices to Trump cronies.” — Article author, Current Affairs
- “The goal of handing public assets to private companies is in no way disguised.” — Article author, Current Affairs
- “is demanding Cuba, a poor country, pay billions of dollars to Miami businessmen to compensate them for property nationalized after the 1959 revolution.” — Article author, Current Affairs
- “The Trump administration knows full well that its policy of economic strangulation will kill children.” — Article author, Current Affairs
Conflicting Reports & Gaps
The article presents the policy and its motivations without citing corroborating statements from U.S. officials or independent verification. No alternative perspectives on the economic impact or on the legitimacy of the compensation demands are offered, leaving key details unconfirmed.
Potential Implications
If Cuba adopts the reforms, state assets could be transferred to private investors linked to U.S. political donors, reshaping the economy. Proponents cite increased foreign capital; critics warn of reduced public control and possible adverse effects on citizens’ welfare.
