WASHINGTON: Tougher US sanctions on Cuba are prompting foreign companies to reduce or abandon operations on the island while some American investors, lobbyists and Cuban exile groups explore potential business opportunities, according to a Guardian report.
Spanish hotel operators, Canadian mining companies and international shipping businesses have reportedly pulled back amid concerns over secondary sanctions. US Secretary of State Marco Rubio said in August that Washington’s pressure campaign offered “no escape valves.”
The Guardian reported that competing US investors are seeking stakes in assets affected by the sanctions, although several companies and individuals cited in the report declined to comment.
US Investors Target Mining and Other Cuban Assets
Canada’s Sherritt International moved to leave a Cuban nickel and cobalt venture following US measures imposed in May. Subsequently, rival American groups reportedly submitted proposals involving its stake.
Meanwhile, Australia’s Antilles Gold received US approval to negotiate the transfer of its interest in a Cuban copper-gold project to New York-based Global Emerging Markets.
The Guardian also cited unnamed sources claiming executives previously associated with the Trump Organization had explored potential Cuban business opportunities through Dominari Holdings. Neither Dominari nor Antilles commented.
Lobbyists and Exile Groups Position for Possible Economic Transition
Furthermore, US-authorised fuel exports from Florida and Texas to Cuba’s private sector have reportedly exceeded $160 million this year as restrictions disrupted traditional supply channels.
Washington lobbying firms are also representing businesses seeking guidance on sanctions, trade and possible future investment.
Additionally, Cuban exile organisations and investors have discussed mobilising private capital for a potential post-communist economic transition.
Critics, including UN experts, have warned that tighter sanctions are worsening Cuba’s humanitarian crisis. US officials, however, portray the measures as pressure on Havana over political repression and national-security concerns.
The competing claims highlight how Washington’s Cuba policy is simultaneously reshaping the island’s economy and creating commercial opportunities for some US-based interests.
