Trending Now - Rubio Backs US Sanctions on Cuba Aimed at Military Conglomerate
WHO:
ABC News - Marco Rubio, U.S. Secretary of State
ABC News - Grupo de Administración Empresarial S.A. (GAESA), a business conglomerate operated by the Cuban Revolutionary Armed Forces
ABC News - Moa Nickel, a Cuban joint venture with Canada's Sherritt International
ABC News - Lee Schlenker, research associate at the Quincy Institute’s Global South program
ABC News - Pavel Vidal, economist at Pontificia Universidad Javeriana in Colombia
ABC News - Gladys Bejerano, director of GAESA
ABC News - Luis Alberto Rodríguez López-Calleja, former general manager of GAESA
ABC News - Raúl Guillermo Rodríguez Castro, grandson of Raúl Castro
ABC News - Ania Guillermina Lastres, executive president of GAESA
WHAT:
Bloomberg Markets - Canadian miner Sherritt International Corp. will shut down its nickel operations in Cuba due to U.S. pressure, which is expected to have a significant negative impact on Cuba's economy, already struggling for hard currency and fuel.
ABC News - The Trump administration imposed new sanctions on Cuba, targeting GAESA and its leader.
ABC News - The sanctions include measures against Moa Nickel, which announced its withdrawal from Cuba, ending a 32-year presence.
ABC News - The May 1 executive order and new designations announced on May 7 expand U.S. legal authority to impose sanctions on third-country nationals and firms.
ABC News - GAESA commands nearly 40% of Cuba’s gross domestic product and held $14.5 billion in liquid reserves as of early 2024.
ABC News - GAESA's annual revenues are triple the size of the entire Cuban state budget.
ABC News - The sanctions added Ania Guillermina Lastres to the U.S. blacklist.
WHERE:
ABC News - Cuba, specifically referencing Havana and the operations of GAESA.
WHEN:
ABC News - The executive order was issued on May 1, and new designations were announced on May 7.
ABC News - Luis Alberto Rodríguez López-Calleja served as GAESA's general manager until his death in July 2022.
WHY:
ABC News - Rubio stated that the sanctions are aimed at GAESA, which he described as a company that “is taking anything that makes money in Cuba and illegally putting it into the pockets of a few regime insiders.”
ABC News - The U.S. has blocked fuel shipments to Cuba since January, exacerbating the island's economic crisis.
HOW:
ABC News - The sanctions allow for the freezing of assets, blocking of U.S. accounts, and restrictions on travel to the U.S. for shareholders, investors, or employees of targeted entities.
(UPDATED May 9, 2026 09:19 UTC)
Canadian miner Sherritt International Corp. is set to shut down its nickel operations in Cuba due to pressure from the U.S. This decision is expected to have a significant negative impact on Cuba's economy, which is already struggling to secure hard currency and fuel. The closure highlights the ongoing challenges faced by the island nation in its quest for economic stability.
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(UPDATED May 9, 2026 07:34 UTC)
The Trump administration has imposed new sanctions on Cuba, specifically targeting the business conglomerate GAESA and its leader, Ania Guillermina Lastres. These sanctions follow an executive order issued on May 1 and new designations announced on May 7, which expand U.S. legal authority to impose sanctions on third-country nationals and firms, while also allowing for the freezing of assets and blocking of U.S. accounts. GAESA, which commands nearly 40% of Cuba’s gross domestic product, has seen its operations affected significantly, including the withdrawal of Moa Nickel, ending a 32-year presence on the island.