Trump-backed Push to Profit from Cuba’s Sanctions

Since an executive order signed by Donald Trump on May 1 forced Canada’s Sherritt International out of its nickel-cobalt joint venture with the Cuban state, a wave of foreign firms has withdrawn. Spanish hotel chains Meliá and Iberostar, a Canadian mining firm, and several European shippers have left amid “potent, new secondary sanctions.” Treasury-authorised oil exports from Florida and Texas to Cuba’s private sector have risen to over $160 million this year, while a fuel blockade imposed in January 2026 has cut off traditional supplies.

The Guardian

Washington and Florida insiders are positioning to acquire the vacated assets. Ray Washburne, vice-chair of Trump’s 2016 Victory Committee, and Texas oil tycoon Albert Huddleston have each submitted rival bids to buy Sherritt’s Cuban stake. Australian Antilles Gold Ltd received clearance to negotiate its copper-gold mine share with the New York-based Global Emerging Markets fund.

The Guardian

The lobbying firm Continental Strategy, staffed by former Trump-era officials including Carlos Trujillo and John Barsa, was hired by Madrid-based Vima World SL—partner of the Cuban military conglomerate GAESA—and terminated its contract after earning nearly $40,000.

The Guardian

U.S. Secretary of State Marco Rubio told Axios there are “no escape valves” from the administration’s pressure campaign. The Treasury Department notes the $160 million oil flow as a “temporary measure” to sustain private-sector activity. A spokesperson for Samaritan’s Purse said, “Details about aid for Cuba are still being developed and are not yet finalized.”

The Guardian

• “Details about aid for Cuba are still being developed and are not yet finalized.” — Samaritan’s Purse, spokesperson

The Guardian