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Rubio defends new US sanctions on Cuba, targeting military-run conglomerate GAESA
Sherritt International said it will withdraw from a Cuban joint venture as the new U.S. measures widen sanctions and threaten foreign firms with asset freezes.
- On Thursday, the U.S. sanctioned GAESA, a Cuban military-run conglomerate, and Moa Nickel, prompting partner Sherritt International to immediately withdraw after a 32-year presence on the island.
- A May 1 executive order expanded U.S. legal authority to sanction third-country firms, explained Lee Schlenker, a research associate at the Quincy Institute. GAESA commands nearly 40% of Cuba's gross domestic product, creating significant financial liability for foreign partners.
- Economist Pavel Vidal described the measures as 'very concerning' for an economy already 'practically paralyzed.' Vidal warned the sanctions amount to 'total isolation,' driven by the fear they instill in international banks, insurers, and corporations.
- On Friday, Secretary of State Marco Rubio defended the sanctions, stating they target regime insiders rather than the Cuban people. Cuban authorities maintained the measures constitute 'collective punishment' designed to strangle the island's economy.
- Schlenker warned the new designations are 'bound to have an extremely significant impact' on foreign companies in Cuba, as few firms will risk defying the expanded U.S. legal authority.
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Rubio defends new U.S. sanctions on Cuba, targeting military-run conglomerate GAESA
U.S. Secretary of State Marco Rubio on Friday defended the Trump administration’s decision to slap new sanctions on Cuba, the largest of which is against GAESA, or Grupo de Administración Empresarial S.A., a business conglomerate operated by the Cuban Revolutionary Armed Forces.
·Canada
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On Thursday, the U.S. sanctioned the Cuban military conglomerate Gaesa, its director and mining company Moa Nickel, a joint venture company with the Canadian...
Coverage Details
Total News Sources11
Leaning Left3Leaning Right0Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
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