Mark Pocan (D- Wisconsin), Teresa Leger-Fernández (D- New Mexico), Maxine Dexter (D- Oregon), Delia Catalina Ramírez (D- Illinois), visited the Republic of Cuba from 9 July 2026 to 13 July 2026.
United States Department of the Treasury
Washington DC
13 July 2026
1262. On July 13, 2026, the Department of State designated the Cuban entities Grupo Empresarial del Comercio Exterior (GECOMEX) and Grupo Empresarial de Transporte Marítimo Portuario (GEMAR) pursuant to E.O. 14404. Are non-U.S. persons, including foreign financial institutions (FFIs), exposed to sanctions risk for winding down transactions with GECOMEX or GEMAR?
The U.S. government does not intend to target non-U.S. persons, including FFIs, pursuant to E.O. 14404 for engaging in transactions ordinarily incident and necessary to the wind down of transactions involving GECOMEX, GEMAR, or any entity in which either GECOMEX or GEMAR owns, directly or indirectly, a 50 percent or greater interest, through August 12, 2026. However, non-U.S. persons, including FFIs, should proceed with caution in any dealings with a party sanctioned under this authority. Actions to return assets to GECOMEX, GEMAR, or any entity in which either GECOMEX or GEMAR owns, directly or indirectly, a 50 percent or greater interest, or transfer such assets to another jurisdiction could expose non-U.S. persons to significant sanctions risk.
Non-U.S. persons unable to wind down transactions involving GECOMEX, GEMAR, or any entity in which either GECOMEX or GEMAR owns, directly or indirectly, a 50 percent or greater interest, before August 12, 2026, are encouraged to contact the OFAC Compliance Hotline.
Persons subject to U.S. jurisdiction, including U.S. entities owned or controlled by U.S. persons, have long been prohibited pursuant to the Cuban Assets Control Regulations (CACR), 31 CFR part 515, from transacting with GECOMEX and GEMAR, absent OFAC authorization. Accordingly, persons subject to U.S. jurisdiction continue to be prohibited from engaging in transactions involving GECOMEX or GEMAR, including in connection with a non-U.S. person's wind down of activities with GECOMEX or GEMAR, unless separately authorized by OFAC. Relevant authorizations may include humanitarian-related transactions authorized under the CACR in subpart E of part 515 and under E.O. 14404 via General License (GL) 1. For additional information on GL 1, see FAQ 1253.
Released on Jul 13, 2026
The following entities have been added to OFAC's SDN List:
ASSOCIATION OF COMBATANTS OF THE CUBAN REVOLUTION (a.k.a. ASOCIACION DE COMBATIENTES DE LA REVOLUCION CUBANA; a.k.a. "ACRC"), Havana, Cuba; Organization Established Date 07 Dec 1993; Target Type Civil Society Organization [CUBA-EO14404].
COREYDAN S.A., Havana, Cuba; Organization Established Date 19 Feb 2020; Organization Type: Wholesale of solid, liquid and gaseous fuels and related products; Entity Code 60637 (Cuba) [CUBA-EO14404].
CORPORACION ANTILLANA EXPORTADORA SA (a.k.a. ANTEX EXPORTING CORPORATION S.A.; a.k.a. ANTEX S.A.; a.k.a. ANTILLEAN EXPORTER PLC; a.k.a. CORPORACION ANTEX, S.A.; a.k.a. CORPORACION COMERCIAL ANTEX, S.A.), Havana, Cuba; Organization Established Date 01 Jan 1998; Organization Type: Management consultancy activities; Target Type State-Owned Enterprise; Entity Code 60245 (Cuba) [CUBA-EO14404] (Linked To: GRUPO DE ADMINISTRACION EMPRESARIAL S.A.).
ENETEC S.A., Havana, Cuba; Organization Established Date 09 Dec 2019; Organization Type: Wholesale of solid, liquid and gaseous fuels and related products; Entity Code 60631 (Cuba) [CUBA-EO14404].
FIRST VPN SERVICE (a.k.a. 1VPNS; a.k.a. FIRSTVPN; a.k.a. "FVPNS"), Dnipro, Ukraine; Website 1vpns.com; alt. Website 1vpns.net; alt. Website 1vpns.org; alt. Website 1jabber.com; alt. Website t.me/FirstVPNService; Email Address support@1vpns.com; Digital Currency Address - XBT bc1qdnr88f4d2yqunnc4mjsguezm6g3mlwe44z5dw8; alt. Digital Currency Address - XBT bc1qr4ankqmvmrhce3ydvzse86dfx5s3zhehfr9tg9; Digital Currency Address - ETH 0x2711d73d559f62f4f855ee21f38378f528e07985; Digital Currency Address - LTC ltc1qr8ntsedq8tv0svmxqhzvdcdl5k7kntdmnhwep7; Organization Established Date Oct 2014; Organization Type: Computer programming activities; Digital Currency Address - TRX TUuaxBAWfA5nmsqNfycxYrzEvz4a5GJMGY [CYBER4].
GRUPO EMPRESARIAL DE TRANSPORTE MARITIMO PORTUARIO (a.k.a. "GEMAR"), Havana, Cuba; Organization Established Date 2015; Organization Type: Activities of holding companies; Target Type State-Owned Enterprise [CUBA-EO14404].
GRUPO EMPRESARIAL DEL COMERCIO EXTERIOR (a.k.a. GECOMEX), Havana, Cuba; Organization Established Date 04 Jun 2013; Organization Type: Wholesale and retail trade; Target Type State-Owned Enterprise [CUBA-EO14404].
MILICIAS DE TROPAS TERRITORIALES (a.k.a. "MTT"; a.k.a. "TERRITORIAL TROOP MILITIAS"), Cuba; Organization Established Date 20 Jan 1980; Target Type Government Entity [CUBA-EO14404].
MINISTRY OF TOURISM OF CUBA (a.k.a. MINISTERIO DE TURISMO DE CUBA; a.k.a. "MINTUR"), Havana, Cuba; Organization Established Date 21 Apr 1994; Target Type Government Entity [CUBA-EO14404].
ORGANIZACION SUPERIOR DE DIRECCION EMPRESARIAL CAUDAL S.A. (a.k.a. GRUPO CAUDAL S.A.; a.k.a. OSDE CAUDAL S.A.), Havana, Cuba; Organization Established Date 31 Mar 2000; Organization Type: Activities of holding companies; Target Type State-Owned Enterprise [CUBA-EO14404].
RAPID RESPONSE BRIGADES (a.k.a. BRIGADAS DE ACCION RAPIDA; a.k.a. BRIGADAS DE RESPUESTA RAPIDA; a.k.a. DESTACAMENTOS DE RESPUESTA RAPIDA), Cuba; Organization Established Date Jun 1991; Organization Type: Public order and safety activities [CUBA-EO14404].
United States Department of State
Washington DC
13 July 2026
Further Sanctions on the Cuban Regime’s Sources of Funding and Tools of Oppression
Fact Sheet
Today, the Department of State is designating ten entities to further the Trump Administration’s comprehensive push to end the Cuban regime’s malign activities, both in Cuba and across our hemisphere. These actions target interlocking pillars of that apparatus: state-owned entities that funnel revenue to the regime and paramilitary forces, armed civilian groups, and surveillance organizations that repress the Cuban people.
As the Secretary said in his July 11 statement marking the five-year anniversary of the Cuban regime’s brutal suppression of popular protests: “The United States will continue to use every tool at our disposal to both address the national security threats posed by the Cuban Communist regime, and to drive the economic and political reforms to give Cuba a better future.”
All Department of State targets sanctioned today have been designated pursuant to Executive Order (E.O.) 14404, which authorizes sanctions on persons determined to meet specified criteria related to repression in Cuba and other threats to U.S. national security and foreign policy.
Cuban Regime’s Instruments of Repression
The following entities are designated for their direct roles in carrying out, enabling, and financing the Cuban regime’s campaign of violent repression against its own people.
Milicias de Tropas Territoriales (MTT)
MILICIAS DE TROPAS TERRITORIALES (MTT) is designated pursuant to Sec. 2(a)(i)(F) of E.O. 14404 for being a political subdivision, agency, or instrumentality of the Government of Cuba. MTT is a part-time civilian paramilitary force under the command of the already designated MINISTRY OF THE REVOLUTIONARY ARMED FORCES OF CUBA (MINFAR).
Association of Combatants of the CUBAN Revolution (ACRC)
ASSOCIATION OF COMBATANTS OF THE CUBAN REVOLUTION (ACRC) is designated pursuant to Sec. 2(a)(i)(B) of E.O. 14404 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the Government of Cuba. ACRC is a social and paramilitary organization overseen by MINFAR that conducts surveillance on dissidents at the direction of the already designated MINISTRY OF THE INTERIOR OF CUBA.
Corporacion Antillana Exportadora (ANTEX S.A.)
CORPORACION ANTILLANA EXPORTADORA (ANTEX S.A.) is designated pursuant to Sec. 2(a)(i)(B) of E.O. 14404 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Cuba’s GRUPO DE ADMINISTRACION EMPRESARIAL S.A. (GAESA), a person whose property or interests in property are blocked pursuant to this order. ANTEX S.A. is a Cuban state-owned entity that manages the export of Cuban forced labor to Angola.
Rapid Response Brigades
RAPID RESPONSE BRIGADES is designated pursuant to Sec. 2(a)(i)(B) of E.O. 14404 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the Government of Cuba. The RAPID RESPONSE BRIGADES are armed civilian para-police groups organized and trained by the Cuban government.
Cuban Regime’s Sources of Funding
The following Cuban state-owned entities are designated for generating and channeling revenue that sustains the Cuban regime.
Enetec S.A.
ENETEC S.A. is designated pursuant to Sec. 2(a)(i)(A) of E.O. 14404 for operating or having operated in the energy sector of the Cuban economy. ENETEC S.A. is a Cuban entity engaged in the import and export of fuels and lubricants.
Coreydan S.A.
COREYDAN S.A. is designated pursuant to Sec. 2(a)(i)(A) of E.O. 14404 for operating or having operated in the energy sector of the Cuban economy. COREYDAN S.A. is a Cuban state-owned entity engaged in the import of solid, liquid, and gaseous fuels and related products.
Grupo Empresarial de Comerico Exterior (GECOMEX)
GRUPO EMPRESARIAL DE COMERCIO EXTERIOR (GECOMEX) is designated pursuant to Sec. 2(a)(i)(B) of E.O. 14404 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the Government of Cuba. GECOMEX is a Cuban state-owned business group that manages the country’s foreign trade, handling a significant share of imports and exports.
Organizacion Superior de Direccion Empresarial Caudal S.A. (CAUDAL)
ORGANIZACION SUPERIOR DE DIRECCION EMPRESARIAL CAUDAL S.A. (CAUDAL) is designated pursuant to Sec. 2(a)(i)(B) of E.O. 14404 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the Government of Cuba. CAUDAL is a Cuban state-owned entity, specializing in insurance, reinsurance, financial services, and related professional services.
Grupo Empresarial de Transporte Maritimo Portuario (GEMAR)
GRUPO EMPRESARIAL DE TRANSPORTE MARITIMO PORTUARIO (GEMAR) is designated pursuant to Sec. 2(a)(i)(B) of E.O. 14404 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the Government of Cuba. GEMAR is a Cuban state-owned entity with a strong presence in Cuba’s maritime sector.
Ministry of Tourism of Cuba (MINTUR)
MINISTRY OF TOURISM OF CUBA (MINTUR) is designated pursuant to Sec. 2(a)(i)(F) of E.O. 14404 for being a political subdivision, agency, or instrumentality of the Government of Cuba. MINTUR is Cuba’s ministry responsible for regulating tourism in and out of the country and constitutes the largest single player in the tourism sector outside of GAESA.
The Department’s actions are being taken pursuant to E.O. 14404, which authorizes sweeping sanctions on Cuba, including against persons who support the Cuban regime’s security apparatus and those responsible for repression in Cuba and other threats to U.S. national security. These actions also further the national emergency declared in E.O. 14380, “Addressing Threats to the United States by the Government of Cuba” and the National Security Presidential Memorandum 5 (NSPM-5), which direct the Executive Branch to improve human rights, encourage the rule of law, foster free markets and free enterprise, and promote democracy in Cuba.
Sanctions Implications
As a result of today’s sanctions actions, and in accordance with E.O. 14404, all property and interests in property of the designated persons described above that are in the United States or in possession or control of U.S. persons are blocked and must be reported to the Department of the Treasury’s Office of Foreign Assets Control (OFAC). Additionally, all entities that are owned individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.
All transactions and dealings by U.S. persons or persons within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person. Foreign persons that engage in transactions with persons designated pursuant to E.O. 14404—or that operate in the energy, defense and related materiel, metals and mining, financial services, or security sector of the Cuban economy, as identified in E.O. 14404—are themselves at risk of sanctions. Non-U.S. persons, including foreign financial institutions, should proceed with caution in any dealings with a party sanctioned under this authority. Actions to return assets to a sanctioned party or transfer them to another jurisdiction for potential use by the target could expose non-U.S. persons to significant sanctions risk. All property and interests in property of persons that are blocked pursuant to the Cuban Assets Control Regulations (CACR) continue to be blocked. The CACR prohibits persons subject to U.S. jurisdiction from dealing in property in which Cuba or a Cuban national has an interest, unless authorized or exempt.
The power and integrity of U.S. government sanctions derive not only from the U.S. government’s ability to designate and add persons to the Specially Designated Nationals and Blocked Persons (SDN) List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. Petitions for removal from the SDN List may be routed through OFAC’s Reconsiderations Portal. Petitioners may also refer to the Department of State’s Delisting Guidance page.
Diaz-Canel Versus Trump And Trump Versus Diaz-Canel
Just Because There Is No Talking Does Not Mean There Is No Communicating. That Something Is Not Happening, Someone Is Not Listening, And Someone Is Not Responding
Goal Is For Cuba To Wean Off The Ventilator
It’s The Private Sector, Stupid
On 3 January 2026, the Trump-Vance Administration (2025-2029) confirmed the capture and departure of Nicolas Maduro, President of the Bolivarian Republic of Venezuela (2013-2025), and Mrs. Maduro from the capital city of Caracas.
That moment triggered for some in the government of the Republic of Cuba and for some of the approximately ten million citizens of the Republic of Cuba an unanticipated and unwelcomed opportunity to address the increasingly dire instability and unsustainability throughout the political model adopted on 1 January 1959. For others in the Republic of Cuba, that moment on 3 January 2026 was precisely the prescription long sought from the compounding pharmacy.
The survival of that adopted political model on 1 January 1959 has always necessitated from third parties commercial, economic, and financial defibrillation, dialysis, intervention, resuscitation, and ventilation. It has never supported itself irrespective of policies, regulations, and statutes implemented by the United States government.
During the last seven months, the Diaz-Canel-Valdes Mesa Administration (2019- ) and the government of the Republic of Cuba have approved more than 176 commercial, economic, financial, political, and societal changes to policies, regulations, and statutes.
Fifteen years earlier, in 2011, the government of the Republic of Cuba approved 311 commercial, economic, financial, political, and societal changes to policies, regulations, and statutes.
Thus far in 2026, there have been a higher number of announcements and approvals than implementation (regulations) of those announcements and regulations.
“The discussions between the Cuban and US governments are showing no progress… despite all that… [we] will remain open to dialogue.” Bruno Rodriguez, Minister of Foreign Affairs of the Republic of Cuba (2009- )
Minister Rodriguez is wrong. Discussions and dialogue and actions thus far have been successful in fostering change- that which the government of the Republic of Cuba maintains is taken independently of external influences and that which the government of the United States maintains is taken precisely due to external influences.
The communication process may not reflect diplomatic norms, but there is no debating that however the communication process is defined and described, there are results.
There may be inconsistent face-to-face dialogue. And when there is face-to-face dialogue, the result may not be what Havana wants- but is acceptable to Washington DC. There are also inconsistent exchanges of diplomatic notes.
The connectivity between the Palacio de la Revolución and The White House exists under non-traditional norms. There exists Pavlovian Diagloue, Performative Dialogue, Responsive Dialogue, and Sign Language Dialogue. There is Non-Communicative Dialogue.
From the perspective of the Trump-Vance Administration, its implemented strategies targeting the Republic of Cuba are successful by any measure. Those strategies are implemented by communicating. And to date quite cost-effectively.
This is achieved without the armed forces of the United States having deployed to the Republic of Cuba one boot on the ground or having fired one bullet.
The strategies consist of writing and then publishing those writings on the Internet portals of the United States Department of State, Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury, and Bureau of Industry and Security (BIS) of the United States Department of Commerce.
Thus far, less than 10,000 words have resulted in an impressive quality and quantity of non-United States-based companies ending, lessening, or suspending their presence in the Republic of Cuba. Governments, including those with previous connectivity with the government of the Republic of Cuba, have remained reticent to align their rhetoric with consequential support.
The degradation of the presence in the Republic of Cuba of non-Republic of Cuba-based companies is likened to a lava flow- it may be slow, but unstoppable until it decides to stop. The lava flow can, sometimes, be redirected- preferably towards where it will do less damage. The government of the Republic of Cuba can both redirect and stop the lava flow if it accepts the terms: changes and compromises.
Important for the government of the Republic of Cuba to appreciate that most of what the Trump-Vance Administration wants is aligned with what governments want who have provided support to the Republic of Cuba. The alignment is defined by jettisoning and rejecting and replacing what does not work with what can work.
“There is an attempt to force upon us an economic dependency on the United States, undermining the involvement of our partners and companies which have actively contributed to the island's economic and social development for decades, some for over 30 or even 49 years.” Oscar Perez-Oliva Fraga, Deputy Prime Minister, Minister of Foreign Trade and Foreign Investment of the Republic of Cuba (2025- )
Deputy Prime Minister Fraga is partially correct. The primary goal of the Trump-Vance Administration is shared by most governments (particularly those who are owed money and whose companies are owed money). It is shared by the United States business community (particularly those who are owed money (5,913 certified claimants), are engaged in the Republic of Cuba, would like to re-engage with the Republic of Cuba, or anticipate engagement in the Republic of Cuba).
There must be a redesign of the systematic infrastructure throughout the 800-mile-long archipelago. The goal is to do better and to give more.
The government of the Republic of Cuba must seek to match-up desires during the second half of the 20th century with realities available thus far in the 21st century.
The Trump-Vance Administration has used Microsoft Word and the Internet as deployment platforms to influence and impact the government of the Republic of Cuba.
These are the tools it uses to communicate. The government of the Republic of Cuba is communicating, responding, through its announcements of changes.
“The U.S. government has obstructed Cuba’s ability to receive fuel supplies for the past seven months… violation of international law… collective punishment… crime against humanity.” Bruno Rodriguez, Minister of Foreign Affairs of the Republic of Cuba (2009- )
“The U.S. measures its success against Cuba by the number of blackout hours endured by the citizens, the families lacking cooking gas, the spoilage of food due to lack of refrigeration, postponed or unperformed surgeries, the decline in infant mortality rates, and the resulting newborn deaths.” Carlos Fernández de Cossío, Deputy Foreign Minister of the Republic of Cuba (2022- )
The statements by Minister Rodriguez and Deputy Minister Fernandez de Cossio have resonance with many and receive empathy and sympathy too.
However, and this is cold, but those who matter in Washington DC and in the State of Florida do not see those current realities as dissuasive from maintaining a strategy they believe is effective and believe is working and believe will ultimately prevail. They may be wrong. But they will stick with it as it is highly cost-effective.
If the strategy was not effective and not working, then, they ask, why are the Diaz-Canel-Valdes Mesa Administration and the Communist Party of the Republic of Cuba (Partido Comunista de Cuba, PCC) continuing to adopt changes to the commercial, economic, financial, political, and societal infrastructure?
For The White House, a prosperous country is a better customer than a poor country. If a Communist-governed country can manage its economy, as does the People’ Republic of China and Socialist Republic of Vietnam, then while not preferable, it is acceptable.
If the Republic of Cuba had a Communist Party that could successfully manage its economy, then the bilateral dynamic would have greater elasticity. Competent Communist- Si. Incompetent Communist- No.
A Republic of Cuba that is prosperous and well-managed means more export opportunities, more import opportunities, more investment opportunities, and more service opportunities for United States-based companies. That is what is meant by the following statement:
“… And speaking of Cuba, after many, many decades, it's coming our way.” Donald Trump, President of the United States (2017-2021 and 2025-2029)
Representatives of United States-based companies who interacted with Fidel Castro, President of the Republic of Cuba (1976-2008), and, specifically, with those within his administration, believe he and his team would never have permitted in 2025 and 2026 what has been permitted by the Diaz-Canel-Valdes Mesa Administration. Not because President Castro would have surrendered. Because he would have made a deal. He would have seen change as a challenge rather than capitulation.
In September 2002, President Castro personally hosted 923 representatives of United States-based companies during the U.S. Food & Agribusiness Exhibition held at the Palacio de Convenciones de la Habana. For perspective, the 1961 Bay of Pigs invasion of the Republic of Cuba included approximately 1,511 participants.
President Castro knew the Bush-Cheney Administration (2001-2009) would exploit to the negative the gathering- and it did.
There were also constituencies within the government of the Republic of Cuba who were ferocious in their opposition to the gathering. For most, the rationale was the negative impact upon their personal political fiefdoms.
President Castro’s position and critically the position of his senior team was “fine, the Americans believe this event will benefit them. We will make it benefit us.” He looked at challenges as opportunities and opportunities as challenges. That is not happening in 2026.
https://humanfocus.co.uk/blog/the-four-types-of-communication-and-when-to-use-them/
Time For Trump-Vance Administration To Authorize OFAC To License U.S. Banks To Open Branches In Havana
And For Government Of Cuba To Welcome It… Quickly
If U.S. Company Completes Takeover Of Nickel & Cobalt Mining Operation In Cuba, It Will Need To Move Funds From And To Cuba
In 2025, More Than US$700 Million For Authorized Commercial Transactions Moved From The Republic Of Cuba To The United States And From The United States To The Republic Of Cuba
Might First American Bank In Illinois Be A Candidate To Open Branch In Havana? Three Florida-Based Banks Could Be Candidates
The Trump-Vance Administration (2025-2029) has focused upon reducing and removing Republic of Cuba government-operated companies and Republic of Cuba government-operated financial institutions from their roles in the commercial, economic, and financial infrastructure of the Republic of Cuba.
In February 2026, the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury authorized United States-based companies to export fuels directly to the re-emerging private sector in the Republic of Cuba.
Link: With New BIS Guidance For Fuel, Gas, Petroleum Product Exports To Cuba, Trump Administration Confirms There Is A Private Sector In Cuba And U.S. Companies May Engage. Members Of Congress Not Pleased. February 25, 2026
In May 2022, the OFAC authorized the direct investment in and direct financing to a privately-owned company owned by a Republic of Cuba national residing in the Republic of Cuba.
The easier the mechanisms to receive payment, the more fuels (and other products) will be exported, and the more revenue will in turn flow to United States-based companies.
If the Trump-Vance Administration wants to jump-start the re-emerging private sector in the Republic of Cuba and jump-start the interest in the Republic of Cuba by the private sector in the United States, then permit financial institutions subject to United States jurisdiction to own, manage, and operate full-service branches in the city of Havana.
The authorization by the OFAC could be contingent upon the Central Bank of the Republic of Cuba issuing a license for financial institutions subject to United States jurisdiction to own, manage, and operate full-service branches in the Republic of Cuba.
“The aggression of the U.S. against Cuba has taken on the unbelievable form of prohibiting citizens and businesses from any country from engaging in certain commercial ties with Cuba. The stance of the governments of these citizens and businesses does not matter. They are left unprotected under the coercive arm of the U.S.” Carlos Fernandez de Cossio, Deputy Minister of Foreign Affairs of the Republic of Cuba
The Obama-Biden Administration (2009-2017) authorized United States-based financial institutions to have correspondent accounts with Republic of Cuba government-operated financial institutions. However, Republic of Cuba government-operated financial institutions were not authorized to have correspondent accounts with United States-based financial institutions.
“Correspondent banking is an arrangement where one bank (the correspondent) holds deposits for and provides payment or settlement services to another bank (the respondent). It serves as the vital plumbing for cross-border transactions and foreign currency exchanges, allowing smaller or regional institutions to offer global services without establishing international branches.”
If a financial institution subject to United States jurisdiction has a full-service branch in the Republic of Cuba, it would then establish correspondent account operations within its existing efficient, secure, and transparent Information Technology (IT) framework.
Given the recurring operational issues with Republic of Cuba government-operated financial institutions, quite likely there would be an overwhelming welcoming by the re-emerging private sector in the Republic of Cuba for a full-service branch of a financial institution subject to United States jurisdiction. Customers would know their deposits are safe, their transactions secure, their online banking functions, and their debit cards and credit cards can access Automated Teller Machine (ATM) and online banking services.
Currently, funds authorized by the OFAC, Bureau of Industry and Security (BIS) of the United States Department of Commerce, and United States Department of State, moving from the United States to the Republic of Cuba and from the Republic of Cuba to the United States must use financial institutions located in third countries. Meaning, for each transaction, there is an additional and unnecessary fee.
The total value of agricultural and food products exported from the United States to the Republic of Cuba, on a cash basis as required by the Trade Sanctions Reform and Export Enhancement Act (TSREEA) of 2000 exceeds US$8.3 billion.
The total value of healthcare products exported from the United States to the Republic of Cuba using provisions of the Cuban Democracy Act (CDA) of 1992 exceeds US$39 million.
Since 2015, the total value of products exported from the United States to the Republic of Cuba for use by the re-emerging private sector exceeds US$470 million. From 2025 through 2026, the value exceeds US$270 million.
Other payments from the United States to the Republic of Cuba include patent registrations, trademark registrations, estate settlements, and overflight fees. Other payments from the Republic of Cuba to the United States include agricultural equipment, assembly equipment, fuels, hardware, manufacturing equipment, motor vehicles, retail products, and solar panels.
In 2017, Deere & Company (2025 revenues approximately US$45.6 billion) established a distribution center in the Republic of Cuba, and San Juan, Puerto Rico-based RIMCO, the Republic of Cuba distributor for Irving, Texas-based Caterpillar Inc. (2025 revenues US$67.6 billion) established a distribution center.
Dallas, Texas-based Gillon Capital, LLC is seeking to control 55% of Toronto, Canada-based Sherritt International Corporation which has cobalt, nickel, and energy operations in the Republic of Cuba. The transaction would permit settlement of one of the largest of the 5,913 claims certified by the United States Foreign Claims Settlement Commission (USFCSC) within the United States Department of Justice (DOJ) along with additional supplies of cobalt and nickel. CU-2619: MOA Bay Mining Company, Improved Real Property, Oriente, Republic of Cuba, US$88,349,000.00. Link To Claim Filing In PDF Format
A successful transaction by Gillon Capital LLC will require the regular movement of millions of dollars from the Republic of Cuba and to the Republic of Cuba.
In 2019, Chicago, Illinois-based First American Bank (2026 assets approximately US$8 billion) acquired Miami, Florida-based Continental National Bank (2019 assets approximately US$490 million), the first national chartered bank in the United States owned by an individual of Cuban descent.
Other Florida-based financial institutions with connectivity to individuals of Cuban descent include Coral Gables, Florida-based Bradesco BAC Florida Bank; Miami, Florida-based Ocean Bank; and Doral, Florida-based U.S. Century Bank.
El Toque (excerpts): “In May 2025, the Official Gazette of the Republic of Cuba published Resolution 28/2025 from the Central Bank of the Republic of Cuba (BCC), granting Novabank S.A., a fully foreign-owned corporate bank, an indefinite license to operate as a financial intermediary on the island. The license authorizes Canadian firms Groupe Novinvest Inc. and Les Fonds Génération Nova Inc., both established in 2022, to create the new financial institution. Novabank S.A. will offer services exclusively to legal entities. Both Canada-based companies are affiliated with Principal, Quebec-based Le Groupe Lussier which has more than thirty years operating in the Republic of Cuba. Novabank S.A. is authorized to engage with micro, small, and medium-sized enterprises (MSMEs) and non-agricultural cooperatives (CNAs). Novabank S.A. is not a Canada-based bank operating in the Republic of Cuba. It is a Republic of Cuba-based financial institution created to operate exclusively in the Republic of Cuba. The capital originates with Canada-based investors, the bank is not a branch or subsidiary of any existing Canada-based bank.”
“In 2023, the BCC authorized Spain-based Alto Cedro Banco Corporativo S.A. to operate within the Republic of Cuba. The BCC has authorized Moscow, Russian Federation-based Novikombank AO to operate in the Republic of Cuba. Novikombank AO is a subsidiary of Moscow, Russian Federation-based State Corporation for the Promotion of the Development, Manufacture, and Export of High-Tech Products (ROSTEC) created with Tolyatti, Russian Federation-based JSC Avtovaz, which has since relinquished its shareholding.” The OFAC lists Novikombank AO as a Specially Designated National (SDN).
Link To Related Analyses
Canada's Sherritt Questions "ability to continue" While OFAC Considers U.S. Company License Application To Save Company, Invest In Cuba, Settle A Certified Claim, Export Nickel And Cobalt To U.S. June 26, 2026
Exxon Prevails At U.S. Supreme Court Against Cuba Government Companies. "We conclude that the Helms-Burton Act itself abrogates the sovereign immunity of Cuban agencies and instrumentalities" June 23, 2026
Revisionism: In USA Today Cuba Interview, Biden Administration White House And State Department Official "Forgets" Opposing Critical Private Sector Banking Need March 09, 2026
With New BIS Guidance For Fuel, Gas, Petroleum Product Exports To Cuba, Trump Administration Confirms There Is A Private Sector In Cuba And U.S. Companies May Engage. Members Of Congress Not Pleased. February 25, 2026
Arrest Of "Super Mule" In Tampa For Illegally Transporting US$100,000.00 To U.S. From Cuba Not Surprising… May Have Transported US$4.5 Million In Last Nine Months. February 07, 2024
Logic From U.S. Department Of State: If We Permit It, Cuba Might Not Use It, So We Won’t Permit It. And, Yes, No One Asked Cuba. And, No One Asked U.S. Banks, Companies. May 01, 2023
Biden-Harris Administration Re-Engagement With Cuba’s Re-Emerging Private Sector Brings Urgency To Re-Authorization Of Direct Correspondent Banking, U-Turn Transactions. One-Way Does Not Work. October 06, 2022
The Ketchup Is Out Of The Bottle... Cuba Authorizes Direct Equity Investments (And Direct Financing) To Privately-Owned Companies. Now, Will Cuba Make The Regulations Realistic Or Full Of Barriers? July 22, 2022
Now The Hard Part For Cuba: Implementing Quickly Transparent, Equal-For-All, MSME Investment & Financing Regulations. No Limitations. No Selectivity. No Orwellian Process. August 04, 2022
Desmond Boylan- AP. Banco Metropolitano, the former building of the First National City Bank of New York, in Havana, Cuba, on Aug. 11, 2015.
From company: “ATG (Anex Tourism Group) has been one of the world’s leading tour operators for 27 years and a dominant force in the tourism industry offering travel agents and tour operators exclusive access to quality hotels and resorts around the world. ATG owns and operates tour operations throughout Europe, three hotel chains, Selectum Blu Cruises and a worldwide network of Destination Management Companies.”
From LinkedIn Profile: “Anex Tourism Group (ATG) Turkey [Turkey] is one of the nation’s largest and fastest-growing business travel management companies offering best-in-class products, services and industry expertise to a diverse portfolio of corporate clients. ATG Turkey is a member of ATG Global which is a leading global business travel management company based in New Albany, Ohio, U.S.A. ATG Global covers the globe with more than 176.000 experienced travel professionals serve in over 72 countries.”
From company: “Neşet Koçkar is the founder and owner of ANEX Tourism Group companies. Growing in a rapid and confident manner, ANEX now operates under the name ANEX Tour is operating more than 35 countries. Mr. Koçkar also has lodging industry investments in various countries. In Turkey, his company has Zen Hotels (Phaselis Princess Hotel and The Inn Resort Hotel) and Life Hotels (Green Hill Hotel) umbrella brands as well as Syedra Princess Hotel, Sun Princess Hotel, Vista Hotel, and Anex Sky Hotel. As of 2017, Selectum Luxury Resort Hotel, which serves in the five-star and luxury segments, opened its doors in Belek, Antalya. The Group boasts hotel management investments in Vietnam and Thailand under the brand name Diva Hotels and further hotel investments in Egypt and Cyprus. Mr. Koçkar has made investments in businesses other than the tourism industry: These include A Enerji in the energy industry; an active hydroelectric power plant (HEPP), another HEPP that is under construction, and Turkey’s largest solar power project.”
Antalya, Turkiye-based Selectum Hotels & Resorts is a subsidiary of Istanbul, Turkiye-based ATG Group Turkey [Turkiye].
CiberCuba (excerpts)
Istanbul, Turkiye-based ATG makes five.
The company notified the immediate termination of all its management and marketing contracts with the Republic of Cuba government-operated Grupo de Turismo Gaviota S.A., a subsidiary of Grupo de Administración Empresarial S.A. (GAESA) which is a subsidiary of the Revolutionary Armed Forces of the Republic of Cuba (FAR).
The decision was reported through an official statement published on Facebook by Selectum Family Resort Varadero and in an internal letter addressed to sales agents and tour operators, exclusively revealed by Reportur.
“Through this letter, the ATG chain, in its capacity as Manager, formally notifies you of the immediate termination of all Administration and Marketing Contracts for the hotel owned by Grupo de Turismo Gaviota, S.A., managed by our entity under the brand and name Selectum Family Resort Varadero. As a result, starting June 4, 2026, the Hotel Room Reservation contracts signed by the ATG chain for the upcoming seasons will be terminated and will no longer be in effect…. Although it has been a short cycle, it has proved to be an extremely productive and successful stage, achieving an exceptional position for Selectum Family Resort Varadero thanks to the support and trust placed in our team.”
ATG Hotels is a hotel group based in Turkey [Turkiye], owned by the tour operator Anex Tour, with a presence in more than seventy-two countries. In the Republic of Cuba, ATG Hotels managed Selectum Family Resort Varadero and Selectum Family Resort Santa María in Cayo Santa María, Villa Clara, since 2023. In August 2024, ATG Hotels managed 147-room Hotel Corona in Havana.
Link To Related Analysis
Container Management
Schindellegi, Switzerland
22 June 2026
“Barendrecht, Netherlands-based Nirint Shipping B.V. has removed Halifax from the northbound leg of its Europe–Cuba–Canada multipurpose service, consolidating the route to a purely Europe–Cuba loop. The revised rotation now runs Villagarcia–Bilbao–Rotterdam–Mariel–Moa–Villagarcia, according to DynaLiners. The approximately fortnightly service is operated by vessels of 12,000–17,000 deadweight tonnes with capacities of 680–900 teu. The removal of Halifax ends the service's Canadian component entirely, reducing port calls from what had been a transatlantic triangulation to a six-port Europe–Cuba circuit. Nirint's Cuba service is one of a small number of direct European liner links to the island, connecting the Spanish ports of Villagarcia and Bilbao alongside Rotterdam to the Cuban ports of Mariel and Moa.”
NOTE: As of 26 June 2026, Republic of Cuba-related references and Republic of Cuba-related schedules remain available on the Internet site of the company. Link To Schedule
14 May 2026: Hamburg, Germany-based Hapag-Lloyd AG (2025 revenue US$21 billion) and Marseille, France-based CMA CGM (2025 revenue US$55 billion), issued a STOP BOOKING for origins and destinations of their regular services to and from the Republic of Cuba.”
Link To Related Analysis
Two EU-Based Shipping Companies Suspend Cuba Operations. One Settled Libertad Act Lawsuit And The Other Owns Florida International Terminal In Port Everglades. Will EU Do Anything? May 16, 2026
MSC Of Switzerland Is 42nd Company Sued Using Libertad Act. Same Plaintiffs Sued Four Other Shipping Companies For Use Of Port Mariel In Cuba September 24, 2021
European Union Member France's CMA CGM S.A. Is 41st Company Sued Using Libertad Act- Shipping To Cuba Through Jamaica And Using Port Mariel August 03, 2021
Will Israel Shipping Company About To IPO In U.S. Become 33rd Libertad Act Lawsuit? Project For Jared Kushner? January 06, 2021
"The imposition of tariffs by the U.S. on countries that provide oil to Cuba and the imposition of expanded sanctions against Cuba contributed to a material uncertainty which may cast significant doubt about the Corporation’s ability to continue as a going concern, as disclosed in note 2."
"The Corporation discloses further information regarding the material uncertainty regarding the Corporation’s ability to continue as a going concern and its application of significant judgment in the assessment of the Corporation’s ability to continue as a going concern in the critical accounting judgments section of this MD&A."
"Assessing the ability of the Corporation to continue as a going concern requires judgment that includes considering whether conditions or events, including those at any of its investees, joint operations and subsidiaries, impact the going concern assumption. In conducting this assessment, management identified adverse events impacting the Moa Joint Venture and the Energas S.A. joint operation, as well as environment rehabilitation expenditures for its legacy Spanish Oil and Gas operations, and an event regarding compliance with, ongoing accessibility to and ability to repay its revolving-term credit facility (“Credit Facility”). The aforementioned adverse events impact both production and liquidity and result in significant obligations that will require repayment or refinancing. Consequently, the Corporation is required to evaluate the impact of these adverse events on its ability to continue as a going concern."
"The uncertainties related to the matters described above result in material uncertainty which may cast significant doubt about the Corporation’s ability to continue as a going concern. If the Corporation is unable to meet its obligations when due or comply with the terms of its debt agreements, the assumption of preparing these consolidated financial statements on a going concern basis may no longer be appropriate. These condensed consolidated financial statements for the three months ended March 31, 2026 do not reflect any adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary should the going concern assumption be inappropriate, and such adjustments could be material."
25 June 2026: TORONTO – Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) today announced that it has filed its unaudited interim financial statements, management’s discussion and analysis and related officer certifications for the three months ended March 31, 2026 (collectively, the “Q1 2026 Filings”). The Q1 2026 Filings are available on SEDAR+ at www.sedarplus.ca.
LINK To Q1 Report In PDF Format
As previously disclosed, the Ontario Securities Commission (the “OSC”), as principal regulator, issued a cease trade order (the “CTO”) on May 21, 2026 as a result of the Corporation’s failure to file the Q1 2026 Filings by the filing deadline of May 15, 2026. The Corporation was delayed in filing as a result of operational and governance disruptions following the U.S. administration’s May 1, 2026 Executive Order expanding sanctions against Cuba.
The resumption of trading in Sherritt’s shares remains subject to regulatory and stock exchange approval. Sherritt will continue to provide timely public disclosure as circumstances develop.
About Sherritt
Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Leveraging its technical expertise and decades of experience in critical minerals processing, Sherritt is committed to expanding domestic refining capacity and reducing reliance on foreign sources. The Corporation operates a strategically important refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of just three nickel refineries in North America.
Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.
Forward-Looking Statements
Certain statements and other information included in this press release may constitute “forward -looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words).
All statements in this press release, other than those relating to historical information, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the anticipated revocation of the CTO and the Corporation’s ability to satisfy any applicable requirements in connection with the foregoing.
The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Such factors include, without limitation, continued risks related to Sherritt’s operations in Cuba and future actions taken by the U.S. government toward Cuba, including with respect to the Executive Order; level of liquidity of Sherritt, including access to capital and financing; the risk to or loss of Sherritt’s entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa JV; the inability of the Corporation to comply with debt restrictions and covenants; the inability of the Corporation to comply with the listing requirements of the Toronto Stock Exchange or another recognized stock exchange; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; tax risks; political, economic and other risks of foreign operations; security market fluctuations and price volatility; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; risks associated with the operation of large projects generally; the ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partners; risks associated with mining, processing and refining activities; reliance on key personnel and skilled workers; risks related to the Corporation’s corporate structure; foreign exchange and pricing risks; credit risks; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation’s accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations. The key risks and uncertainties should be considered in conjunction with the risk factors described in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for the three months and year ended December 31, 2025 and the Annual Information Form of the Corporation dated March 23, 2026 for the period ending December 31, 2025, which is available on SEDAR+ at www.sedarplus.ca. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
Link To Related Analyses
120-Day Cuba Countdown Clock. Will Trump Administration Approve U.S. Company's Takeover Of Canada's Sherritt International Corporation? June 23, 2026
U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026
Due To Trump Administration Cuba-Related Executive Orders And SDN List Additions, Canada's Sherritt International Corporation May Sell 55% To U.S. Company May 20, 2026
"Phoenicia TAA Cyprus LTD is a renowned leading cigar distributor worldwide, established in 1999 as part of the Phoenicia group of companies. Headquartered in Limassol, Cyprus, the company has established a strong distribution network spanning more than 56 countries across Eurasia, Sub-Saharan Africa, The Gulf, the Middle East, Cyprus, Greece and Egypt. Furthermore, one of its subsidiaries is dedicated to distributing Imperial Tobacco and BAT products within the market of Cyprus. Phoenicia is well-known for providing high-quality products and services, thanks to its team of experienced professionals and its unwavering commitment to maintaining the highest standards of quality, reliability, and product range. The company prides itself on catering to the unique tastes and needs of aficionados across its vast distribution network. At the core of Phoenicia’s values is its dedication to both its markets and customers. This dedication is reflected in the company’s long-standing relationships with its customers and its continued efforts to exceed their expectations."
Halfwheel
Dallas, Texas
25 June 2026
One of the largest distributors of Cuban cigars in the world has announced it is adding a new surcharge for all orders.
On June 23, Phoenicia T.A.A. Cyprus Ltd.—the distributor of Cuban cigars for more than 50 countries throughout Africa, Europe and the Middle East—began adding a 6.5 percent surcharge to all “offers and orders” of Cuban cigars in lieu of raising prices on individual products. The company says that because of massive declines in sea cargo to and from Cuba, it has had to switch from using sea freight to air freight, which has resulted in higher prices.
“However, this option presents significant constraints, including limited flight availability and substantially higher transportation costs, which can reach more than 15 percent of the value of the imported cigars,” reads the email. “Given these exceptional circumstances, we find it necessary to pass on a portion of these additional costs.”
The situation in Cuba has been getting progressively worse since January, when the American government ramped up pressure on the Cuban government by going after its oil suppliers. Since then, most commercial airlines have cut back on services, and the number of ships leaving the island has been severely impacted.
According to the email, the surcharge is a temporary measure and will be removed “once conditions improve and sea freight services to Cuba resume.”
Phoenicia is best known as the distributor of Cuban cigars in the Middle East, though it also handles the importation and distribution for Habanos S.A. products in Cyprus, Greece, Malta, Ukraine, Turkey and all of Africa except for Algeria, Morocco and South Africa.
2025 Paris Club of Creditor Nations Report
AS OF 31 DECEMBER 2025, EXCLUDING LATE INTEREST (IN U.S. Dollars)
ODA: Official Development Assistance
NODA: Non-Official Development Assistance
DEBTOR COUNTRY- Republic of Cuba
ODA- US$300.8 Million
NODA- US$4.9497 Billion
TOTAL- US$4.7955 Billion
LINK TO COMPLETE PARIS CLUB REPORT IN PDF FORMAT
Links To Related Analyses
Japan Delivering Buses To Cuba Through "Non-Reimbursable Financial Aid" While Cuba Continues To Owe Japan Approximately US$1 billion January 13, 2022
Moody's Investors Service Downgrades Cuba Rating From Ca To Caa2, Returning To Same Rating Of November 2020, November 2019, November 2018, November 2017, November 2016 November 20, 2021
Cuba Reported To Owe More Than US$2.1 Billion To Spain- And Expectation The Amount Will Increase In 2021, 2022, 2023. Cuba Companies Reported Seeking 365 Days To Pay Invoices. October 26, 2021
Cuba Reported In New Agreement With Paris Club "Group Of Creditors Of Cuba" To Restructure Defaulted Payment Terms. Previously Forgave 75% Of Debt. Officials Expect Further Defaults. October 21, 2021
Paris Club Offers Cuba One-Year Moratorium; Cuba Wants Two-Years And Much More June 20, 2020
Cuba Defaulting On Paris Club Agreements, Seeking Again More Time; Trump Administration Message To Members: "Negotiate Like Donald Trump, Not Like EU" May 22, 2020
ALMACENES UNIVERSALES S.A., Fabrica No. 54 e/ Aspuru y Linea del Ferrocarril, Habana Vieja, Havana, Cuba; Organization Established Date 28 Jan 1994; Organization Type: Cargo handling; Tax ID No. 11.791.301/0001-05 (Brazil); Entity Code 60297 (Cuba) [CUBA-EO14404] (Linked To: GRUPO DE ADMINISTRACION EMPRESARIAL S.A.).
BANCO FINANCIERO INTERNACIONAL S.A. (a.k.a. "BFI"), 5ta Ave. No. 9009 esq. 92, Playa, Havana, Cuba; SWIFT/BIC BFICCUHH; Organization Established Date 13 Oct 1984; Target Type Financial Institution; alt. Target Type State-Owned Enterprise; Entity Code 60210 (Cuba) [CUBA-EO14404].
CUBAN TRADING UK LTD, London, United Kingdom; Organization Established Date 05 Feb 2025; Organization Type: Wholesale of food, beverages and tobacco; Company Number 16229981 (United Kingdom) [TCO] (Linked To: KONG, Ka On).
EMPRESA SIDERURGICA JOSE MARTI (a.k.a. ANTILLANA DE ACERO), Calle 20 No 10522, Cotorro, Havana, Cuba; Organization Established Date 04 May 1958; Organization Type: Manufacture of basic iron and steel; Entity Code 1101 (Cuba) [CUBA-EO14404].
GEOMINERA, S.A., Calzada de Guines S/N E/ Virgen del Camino y Calle Linea del Ferrocarril, RPTO Los Angeles, Havana, Cuba; Organization Established Date 01 Jan 1998; Organization Type: Extraction of salt; Entity Code 60274 (Cuba) [CUBA-EO14404].
RAFIN S.A., Ave. Del Puerto Esq. A Obrapia, Edif. La Marina, La Habana Vieja, Havana, Cuba; Organization Established Date 28 Feb 1999; Organization Type: Management consultancy activities; Entity Code 60448 (Cuba) [CUBA-EO14404].
United States Department of State
Washington DC
23 June 2026
Today, the Department of State is designating five entities and one individual to further the Trump Administration’s comprehensive push to end the Cuban regime’s malign activities, both in Cuba and across our hemisphere.
All Department of State targets sanctioned today have been designated pursuant to Executive Order (E.O.) 14404, which authorizes sanctions on persons determined to meet specified criteria related to repression in Cuba and other threats to U.S. national security and foreign policy.
Entities Affiliated with the Previously Designated Grupo de Administración Empresarial S.A. (GAESA)
The following entities associated with Cuba’s GAESA are being designated to further restrict the regime’s ability to move both money and materials at the cost of U.S. national security and the well-being of the Cuban public:
ALMACENES UNIVERSALES S.A. (AUSA) is designated pursuant to Sec. 2(a)(i)(B) of E.O. 14404 for being owned, controlled, or directed by, or to have acted or purported to act for or on behalf of, directly or indirectly, the Government of Cuba or any person whose property or interests in property are blocked pursuant to this order. AUSA, a subsidiary of GAESA, is a Cuban logistics and warehousing company specializing in storage, handling, and transportation services, including port-related activities. AUSA controls container traffic at the Port of Mariel Special Development Zone. GAESA was designated under E.O. 14404 on May 7, 2026.
RAFIN S.A. (RAFIN) is designated pursuant to Sec. 2(a)(i)(A) of E.O. 14404 for operating in or having operated in the financial services sector of the Cuban economy. RAFIN operates as a key financial management component of the GAESA conglomerate.
BANCO FINANCIERO INTERNACIONAL S.A. (BFI) is designated pursuant to Sec. 2(a)(i)(A) of E.O. 14404 for operating in or having operated in the financial services sector of the Cuban economy. BFI is a commercial banking institution absorbed by GAESA in 2016 that handles the vast majority of transactions involving foreign entities transacting in and out of Cuba.
Entities Involved in Exploiting Cuba’s Metals and Mining Sector
The following entities are designated pursuant to Sec. 2(a)(i)(A) of E.O. 14404 for operating in or having operated in the metals and mining sector of the Cuban economy:
GEOMINERA, S.A., which is a state-owned enterprise under the jurisdiction of the Cuban government’s Ministry of Energy and Mines that leverages foreign investment from Australian-based Antilles Gold and other companies to manage Cuba’s non-nickel metallic mineral assets. GEOMINERA, S.A. manages Minera La Victoria S.A., which was designated pursuant to E.O. 14404 on June 4, 2026.
EMPRESA SIDERURGICA JOSE MARTI (Antillana de Acero), which is Cuba’s largest raw steel producer, and recently underwent a modernization and expansion in collaboration with Russian entities.
Continued Designations of Cuban Regime Officials and their Networks
To continue restricting the ability of the Cuban regime-aligned elites to benefit while everyday people suffer, ANNALIE LILLIAM RUEDA CARDERO is designated pursuant to Section 2(a)(i)(I) of E.O. 14404 for being an adult family member of ALEJANDRO CASTRO ESPIN, who was designated pursuant to E.O. 14404 on June 4, 2026. ALEJANDRO CASTRO ESPIN is the former head of the Cuban intelligence services and the son of Raul Modesto Castro Ruz.
SANCTIONS IMPLICATIONS
As a result of today’s sanctions-related actions, and in accordance with Executive Order (E.O.) 14404 of May 1, 2026, “Imposing Sanctions on Those Responsible for Repression in Cuba and for Threats to U.S. National Security and Foreign Policy,” all property and interests in property of the designated persons described above that are in the United States or in possession or control of U.S. persons are blocked and must be reported to the Department of the Treasury’s Office of Foreign Assets Control (OFAC). Additionally, all entities that are owned individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.
All transactions and dealings by U.S. persons or persons within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person. Foreign persons that engage in transactions with persons designated pursuant to E.O. 14404—or that operate in the energy, defense and related materiel, metals and mining, financial services, or security sector of the Cuban economy, as identified in E.O. 14404—are themselves at risk of sanctions. Non-U.S. persons, including foreign financial institutions, should proceed with caution in any dealings with a party sanctioned under this authority. Actions to return assets to a sanctioned party or transfer them to another jurisdiction for potential use by the target could expose non-U.S. persons to significant sanctions risk. All property and interests in property of persons that are blocked pursuant to the Cuban Assets Control Regulations (CACR) continue to be blocked. The CACR prohibits persons subject to U.S. jurisdiction from dealing in property in which Cuba or a Cuban national has an interest, unless authorized or exempt.
The power and integrity of U.S. government sanctions derive not only from the U.S. government’s ability to designate and add persons to the Specially Designated Nationals and Blocked Persons (SDN) List, but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior.
Petitions for removal from the SDN List may be sent to: OFAC.Reconsideration@treasury.gov. Petitioners may also refer to the Department of State’s Delisting Guidance page.
CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE DISTRICT OF COLUMBIA CIRCUIT
No. 24–699. Argued February 23, 2026—Decided June 23, 2026
In 1960, after Fidel Castro seized power in Cuba, the Cuban Government confiscated many foreign-owned assets, including Exxon’s oil refinery,
terminals, packaging plants, and more than a hundred service stations. Since then, two Cuban government-owned companies—Unión Cuba-Petróleo (CUPET) and Corporación CIMEX, S. A. (Cuba) (CIMEX)—have operated and profited from Exxon’s expropriated assets. Exxon had no good way to sue the Cuban government entities and seek compensation for its confiscated property until Congress passed and President Clinton signed the Helms-Burton Act in 1996.
As relevant here, the Act created a private right of action for U. S. nationals whose property was confiscated by the Cuban Government against “any person that . . . traffics in” the confiscated property, 22 U. S. C. §6082(a)(1)(A), with “person” defined to include “any agency or instrumentality of a foreign state,” §6023(11). Exxon sued CUPET, CIMEX, and later CIMEX’s Panamanian alter ego under the Helms-Burton Act in the U. S. District Court for the District of Columbia, seeking more than $1 billion in damages. The Cuban government-owned companies moved to dismiss, asserting immunity under the generally applicable Foreign Sovereign Immunities Act (FSIA). Exxon countered that the Helms-Burton Act itself waived the defendants’ sovereign immunity. The District Court sided with the Cuban government defendants, and a divided panel of the U. S. Court of Appeals for the D. C. Circuit affirmed. 111 F. 4th 12, 23.
JUSTICE KAVANAUGH delivered the opinion of the Court. In 1960, a year after assuming power in Cuba, Fidel Castro declared that the new Communist government would seize all “Yankee property” in Cuba. Castro made good on that promise. The Cuban Government confiscated a variety of American businesses then operating in Cuba, including Exxon’s oil refinery and service stations. Cuba transferred Exxon’s property to Cuban government-owned companies. In 1996, to afford victims of “Castro’s wrongful seizures” a “judicial remedy in the courts of the United States,”
Congress passed and President Clinton signed the Helms-Burton Act, formally known as the Cuban Liberty and Democratic Solidarity Act. §301, 110 Stat. 815, 22 U. S. C. §6081. That Act created a private right of action for U. S. nationals whose property was unlawfully confiscated: They may sue Cuban agencies and instrumentalities that possess, use, or otherwise traffic in the confiscated property.
Foreign sovereigns, including their agencies and instrumentalities, are presumptively immune from suit in U. S. courts. The question here is whether the Helms-Burton Act abrogates the foreign sovereign immunity of Cuban agencies and instrumentalities—or whether plaintiffs such as Exxon suing under the Act must also satisfy one of the exceptions to immunity in the generally applicable Foreign Sovereign Immunities Act of 1976, or FSIA. 90 Stat. 2891, 28 U. S. C. §§1330, 1602 et seq.
We conclude that the Helms-Burton Act itself abrogates the sovereign immunity of Cuban agencies and instrumentalities. Therefore, plaintiffs who sue Cuban agencies or instrumentalities under the Act are not required to also satisfy an FSIA exception.
15 June 2026: TORONTO – Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) is providing an update on the non-binding term sheet (the “Term Sheet”) entered into with Gillon Capital, LLC (“Gillon Capital”) regarding a proposed private placement (the “Private Placement”), as previously disclosed in the Corporation’s news release dated May 20, 2026.
In connection with the Term Sheet, the Corporation has entered into an exclusivity agreement with Gillon Capital providing for a 120-day period of exclusive negotiations with respect to the Private Placement. The period of exclusivity was entered into to allow the parties to complete their respective due diligence reviews and negotiate a definitive agreement with respect to the Private Placement.
Since the announcement of the Term Sheet, the parties have each engaged financial, legal and other advisors and are working collaboratively to navigate the legal, regulatory and commercial complexities identified through the due diligence process to date, including matters arising from the Corporation’s operations in Cuba and the U.S. regulatory and sanctions environment. The parties continue to engage constructively with relevant governmental and regulatory authorities, as well as other stakeholders, in furtherance of these matters.
The Private Placement remains subject to the execution of definitive documentation, satisfaction of customary conditions, the approval of the U.S. Department of the Treasury’s Office of Foreign Assets Control, and the receipt of all required regulatory approvals, including the approval of the Toronto Stock Exchange. There can be no assurance that these complexities will be resolved on terms satisfactory to both parties or at all, or that the Private Placement will be completed, or completed on the terms previously described, or completed in a timely manner.
Board of Directors Update
The board of directors of the Corporation (the “Board”) is actively engaged in a process to recruit additional qualified candidates for appointment as independent directors. The Corporation is pleased to announce the appointment of Tabrez Khan as an independent director effective June 12, 2026, bringing deep M&A, financial and strategic advisory experience to the Board. Tabrez Khan was nominated to the Board by Kyma Capital Opportunities Master Fund Limited (“Kyma”), pursuant to Kyma’s nomination right under the investor rights agreement dated as of April 22, 2025 between the Corporation and Kyma.
Tabrez Khan is an accomplished resource sector leader with more than 20 years of experience in global transactions and strategic advisory bringing significant experience advising public and private companies, financial institutions and government stakeholders on large-scale transactions, restructurings and strategic initiatives. He is a Partner and co-founder of GENesis Capital Advisory, where he advises clients, including critical minerals and energy companies on strategy, M&A and financing, with a strong track record of originating and executing complex cross border transactions. He previously spent over two decades with Ernst & Young, where he held senior leadership roles in leading origination of transactions and advising on strategic initiatives for resource sector clients. He is a Chartered Accountant and holds a Global Executive MBA from INSEAD.
Concurrent with Tabrez Khan’s appointment to the Board, he was appointed to the audit committee of the Board (the “Audit Committee”). Following Tabrez Khan’s appointment, the Audit Committee consists of Dr. Peter Hancock, Chih-Ting Lo, and Tabrez Khan. As Dr. Peter Hancock is the interim Chief Executive Officer of Sherritt, he is not considered independent under National Instrument 52-110 – Audit Committees (“NI 52-110”). Sherritt is relying on the temporary exemption provided in Section 3.5 of NI 52-110 for Dr. Peter Hancock’s membership on the Audit Committee. Following Tabrez Khan’s appointment, the Audit Committee is compliant with the requirements of NI 52-110 and the rules of the Toronto Stock Exchange.
As previously announced, the Corporation is currently subject to a failure-to-file cease trade order, effective May 21, 2026, as a result of the Corporation’s failure to file its first quarter 2026 interim financial statements, management’s discussion and analysis and related officer certifications (the “Quarterly Documents”). The Corporation anticipates filing the Quarterly Documents in the coming weeks. The resumption of trading in Sherritt’s shares is subject to regulatory and stock exchange approval. Sherritt will continue to provide timely public disclosure as circumstances develop.
About Sherritt
Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Leveraging its technical expertise and decades of experience in critical minerals processing, Sherritt is committed to expanding domestic refining capacity and reducing reliance on foreign sources. The Corporation operates a strategically important refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of just three nickel refineries in North America.
Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.
Forward-Looking Statements
Certain statements and other information included in this press release may constitute “forward -looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words).
All statements in this press release, other than those relating to historical information, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the Private Placement, including the completion and timing thereof, the terms on which it may be completed and the receipt of all required approvals; the ability of the parties to complete their respective due diligence reviews and negotiate a definitive agreement during the period of exclusivity; the ability of the parties to resolve the legal, regulatory and commercial complexities identified through due diligence; the ongoing engagement with relevant governmental and regulatory authorities and other stakeholders in furtherance of the regulatory approvals and other matters required to complete the Private Placement; the board of directors’ process to identify and recruit additional qualified candidates for appointment as independent directors; and the anticipated timing of filing the Quarterly Documents.
The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Such factors include, without limitation, continued risks related to Sherritt’s operations in Cuba and future actions taken by the U.S. government toward Cuba, including with respect to the Executive Order; level of liquidity of Sherritt, including access to capital and financing; the risk to or loss of Sherritt’s entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa JV; the inability of the Corporation to comply with debt restrictions and covenants; the inability of the Corporation to comply with the listing requirements of the Toronto Stock Exchange or another recognized stock exchange; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; tax risks; political, economic and other risks of foreign operations; security market fluctuations and price volatility; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; risks associated with the operation of large projects generally; the ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partners; risks associated with mining, processing and refining activities; reliance on key personnel and skilled workers; risks related to the Corporation’s corporate structure; foreign exchange and pricing risks; credit risks; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation’s accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations. The key risks and uncertainties should be considered in conjunction with the risk factors described in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for the three months and year ended December 31, 2025 and the Annual Information Form of the Corporation dated March 23, 2026 for the period ending December 31, 2025, which is available on SEDAR+ at www.sedarplus.ca. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
Link To Related Analyses
U.S. Control For Canada's Sherritt And Cuba's Nickel/Cobalt? Ray Washburne, First Trump Administration OPIC President & CEO And Current Chairman Of Sunoco LLC Making An Offer? May 20, 2026
Due To Trump Administration Cuba-Related Executive Orders And SDN List Additions, Canada's Sherritt International Corporation May Sell 55% To U.S. Company May 20, 2026
22 June 2026: TORONTO – Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) today announced that operations at its refinery in Fort Saskatchewan, Alberta are transitioning to a shutdown state. Such transition aligns with the Corporation’s previously disclosed expectations, which contemplated refinery operations continuing until approximately mid-June based on available feed inventory.
The shutdown is being carried out in a controlled and orderly manner, with safety and environmental considerations remaining the Corporation’s primary priorities. Sherritt has implemented shutdown procedures designed to protect employees, contractors, the surrounding community and the environment, and will retain the personnel and resources required to maintain the refinery in a safe and secure state during the shutdown period.
The shutdown will continue until mining and processing activities at Moa, Cuba resume and the refinery feed pipeline is rebuilt. At this time, the Corporation is unable to provide timing guidance for when that will occur. Sherritt is maintaining its suspension of direct participation in joint venture activities in Cuba as announced in its May 7, 2026 press release. Sherritt is also continuing to work on a path to resume operations at the refinery as soon as practicable and is taking measures to preserve liquidity, manage costs and maintain operational readiness during the shutdown period. During the downtime, the Corporation will complete necessary maintenance activities that do not require significant capital investment. The Corporation continues to produce fertilizers and sulphuric acid for resale.
About Sherritt
Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Leveraging its technical expertise and decades of experience in critical minerals processing, Sherritt is committed to expanding domestic refining capacity and reducing reliance on foreign sources. The Corporation operates a strategically important refinery in Alberta, Canada, recognized as the only significant cobalt refinery and one of just three nickel refineries in North America.
Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.
Forward-Looking Statements
Certain statements and other information included in this press release may constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws (such statements are often accompanied by words such as “anticipate”, “forecast”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words).
All statements in this press release, other than those relating to historical information, are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the transition to a shutdown of operations at the Corporation’s refinery in Fort Saskatchewan, Alberta; the manner in which the shutdown will be carried out; the Corporation’s ability to maintain the refinery in a safe and secure state during the shutdown period; the Corporation’s ability to rebuild a sufficient pipeline of mixed sulphide feed; the timing, prospects and conditions for resuming refinery operations; measures to preserve liquidity, manage costs and maintain operational readiness.
The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Such factors include, without limitation, continued risks related to Sherritt’s operations in Cuba and future actions taken by the U.S. government toward Cuba, including with respect to the Executive Order; level of liquidity of Sherritt, including access to capital and financing; the risk to or loss of Sherritt’s entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa JV; the inability of the Corporation to comply with debt restrictions and covenants; the inability of the Corporation to comply with the listing requirements of the Toronto Stock Exchange or another recognized stock exchange; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; tax risks; political, economic and other risks of foreign operations; security market fluctuations and price volatility; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; risks associated with the operation of large projects generally; the ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partners; risks associated with mining, processing and refining activities; reliance on key personnel and skilled workers; risks related to the Corporation’s corporate structure; foreign exchange and pricing risks; credit risks; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation’s accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations. The key risks and uncertainties should be considered in conjunction with the risk factors described in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the “Managing Risk” section of the Management’s Discussion and Analysis for the three months and year ended December 31, 2025 and the Annual Information Form of the Corporation dated March 23, 2026 for the period ending December 31, 2025, which is available on SEDAR+ at www.sedarplus.ca. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
Seven Years, Executive Orders, Lawsuits, Decisions, Settlements Have No Impact
What Is EU/EC Leadership Waiting For?
Solidarity Of Collective Weakness Or Acceptance Of Political Impotence?
Never Recovered From Not Issuing The RFP
The White House Thus Far Undefeated Against Berlaymont, Espace Leopold, Europa, And Louise Weiss
Neither the leadership of the Brussels, Belgium-based European Commission (EC) nor leadership of the Brussels, Belgium-based European Council (EC) nor members of the twenty-seven country Brussels, Belgium-based European Union (EU) taken any decision to add Trump-Vance Administration (2025-2029) Executive Order 14404 to the Annex to its Blocking Statute that includes specific extraterritorial measures, including the Cuban Liberty and Democratic Solidarity Act of 1996 (known as “Libertad Act”) and Cuban Assets Control Regulations (CACR) issued by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury.
EU: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
Thus, there is no requirement under the EU blocking statute (Council Regulation (EC) No. 227/96) for Europe-based companies to adhere to Article 5 of the statute and resist the Executive Order’s secondary sanctions through noncooperation in providing information (e.g. wind -down of activity in Cuba); and in noncompliance with the Order’s coerced breach of European companies’ contracts and investment agreements with Republic of Cuba government-controlled (state) enterprises such as CUPET and GAESA and their affiliates.
From the OFAC: “As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. Collectively, such individuals and companies are called “Specially Designated Nationals” or “SDNs.” Their assets are blocked, and U.S. persons are generally prohibited from dealing with them.”
12 June 2026: “The following entity has been added to OFAC's SDN List: UNION CUBA PETROLEO (a.k.a. CUPET), Avenida Salvador Allende No. 666, Entre Oquendo y Soledad, Havana 10300, Cuba; Organization Established Date 25 Mar 1992; Target Type State-Owned Enterprise; Entity Code 2605 (Cuba) [CUBA-EO14404].”
7 May 2026: “GRUPO DE ADMINISTRACION EMPRESARIAL S.A. (GAESA), pursuant to section 2(a)(i)(A) of E.O. 14404, for operating or having operated in the financial services sector of the Cuban economy,” has been added to OFAC’s SDN List.
21 December 2020: “Grupo de Administración Empresarial S.A. (GAESA) is a Cuban military-controlled umbrella enterprise with interests in the tourism, financial investment, import/export, and remittance sectors of Cuba’s economy. GAESA’s portfolio includes businesses incorporated in Panama to bypass CACR-related restrictions,” has been added to the OFAC’s SDN List.
In December 2019, the EU confirmed its intention to issue a Request For Proposal (RFP) to law firms in the United States to be retained to file “amicus curiae” (friend-of-the-court) motions and other motions on behalf of each Libertad Act Title III lawsuit defendant who is domiciled in the EU. At that time, there are nine (9) EU-based companies listed as defendants or listed in lawsuits as having been contacted by plaintiff attorneys as a prelude to listing as a defendant. The EU never issued the RFP.
Link: Six Months Since EU Asked By Defendant In Libertad Act Lawsuit To Provide Guidance; 2nd Defendant Asked In August. EU Responds It's "actively accessing application" Where Are EU Attorneys? October 12, 2020
In 2019, the Trump-Pence Administration (2017-2021) made operational Title III and further implemented Title IV of the Cuban Liberty and Democratic Solidarity Act of 1996 (known as “Libertad Act”). Link To Title III Lawsuit Filing Statistics
Title III authorizes lawsuits in United States District Courts against companies and individuals who are using a certified claim or non-certified claim where the owner of the certified claim or non-certified claim has not received compensation from the Republic of Cuba or from a third-party who is using (“trafficking”) the asset.
Title IV restricts entry into the United States by individuals who have connectivity to unresolved certified claims or non-certified claims. One Canada-based company and one Spain-based company are currently known to be subject to this provision based upon a certified claim and non-certified claim.
Link: Impacting Cuba? Booking Holdings Inc. And Booking.com B.V. Reach Settlements In Five U.S. Libertad Act Title III Lawsuits. Six Of 45 Lawsuits Filed Since 2019 Have Full Or Partial Settlements. May 15, 2024
Link: Will G7 Discuss Cuba? Three Have Companies Impacted By Trump Administration Decisions Beginning In 2019 And Accelerating In 2026. Ten Located In EU. Probably Giving Carte Blanche. June 16, 2026
Suspension History
Title III was suspended every six months since the Libertad Act was enacted in 1996- by President William J. Clinton (1993-2001), President George W. Bush (2001-2009), President Barack H. Obama (2009-2017), and through the first two years of President Donald J. Trump (2017-2021). President Joseph Biden (2021-2025) suspended again on 14 January 2025. On 20 January 2025, President Donald J. Trump (2025-2029) reversed the suspension.
On 16 January 2019, Mike Pompeo, United States Secretary of State, reported a suspension for forty-five (45) days.
On 4 March 2019, Secretary Pompeo reported a suspension for thirty (30) days.
On 3 April 2019, Secretary Pompeo reported a further suspension for fourteen (14) days through 1 May 2019.
On 17 April 2019, the Trump Administration reported that it would no longer suspend Title III.
On 2 May 2019, certified claimants and non-certified claimants were permitted to file lawsuits in United States courts.
Link To Related Analyses
For Cuba, 5 June 2026 Is 21st Century D-Day. President Trump Hitting G7 Members Canada, France, Germany. And, A Particular Favorite G7 Guest, G20 Member, And NATO Member Spain June 03, 2026
Legislation Introduced To Amend Cuba Libertad Act To Expand Who Can Sue. What Appellate Court Judge Said "despite a very clear intent, [Congress] drafts poorly. That is what I think happened here." May 22, 2026
Unfolding Trump-Vance Administration Strategy For Cuba: Eleven Focuses. Do Not Be Shocked If President Diaz-Canel Of Cuba Visits The White House May 18, 2026
Two EU-Based Shipping Companies Suspend Cuba Operations. One Settled Libertad Act Lawsuit And The Other Owns Florida International Terminal In Port Everglades. Will EU Do Anything? May 16, 2026
Libertad Act Lawsuit Against Iberostar Of Spain Returns To Circuit Court. International Comity Does Not Tolerate Inaction For Three Years. Iberostar, IHG Forge Alliance- Except Cuba Properties. March 01, 2023
With Appeals Court Ruling In Iberostar Of Spain Libertad Act Lawsuit, Why Would Any Defendant Subject To European Union Jurisdiction Waste Their Time Seeking Guidance From European Commission? November 22, 2022
Iberostar Files 25th Notice To Court. Judge Waiting 730 Days For European Commission To Respond. Patience Waning For Judge? Deadline Notice Likely. April 15, 2022
Plaintiff In Iberostar Hoteles Libertad Act Lawsuit Want Judge To Move Forward; Defendant Wants Judge To Wait For EC Response March 31, 2021
In Brussels Will U.S. Secretary Of State Blinken Discuss Cuba, Libertad Act And Venezuela With EC/EU Officials? Will He Rebuff, Sway Or Be Swayed? Quid Pro Quo? March 23, 2021
UK Approves Imperial Brands To Defend Itself In Libertad Act Lawsuit; Nearing A Year, Iberostar Of Spain Awaiting Answer From EU March 19, 2021
Six Months Since EU Asked By Defendant In Libertad Act Lawsuit To Provide Guidance; 2nd Defendant Asked In August. EU Responds It's "actively accessing application" Where Are EU Attorneys? October 12, 2020
Iberostar Hoteles Of Spain Sued By Former Property Owner In Cuba Using Libertad Act April 17, 2020
IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF FLORIDA
CASE NO.: 25-25575-CIV-MORENO
JOSE RAMON LOPEZ REGUEIRO, Plaintiff, v. DELTA AIR LINES, INC., Defendant.
Rivero Mestre LLP (defendant)
Boies Schiller Flexner LLP (plaintiff)
11/26/25- THE ACTION
Jose Ramón López Regueiro sues defendant Delta Airlines, Inc. (“DAL”), under the Cuban Liberty and Democratic Solidarity Act, 22 U.S.C. § 6021, et seq. (the “Libertad Act”), for unlawful trafficking in his confiscated property in Cuba.
06/18/2026- ORDER granting 21 Defendant's Motion to Stay Discovery. Signed by Judge Federico A. Moreno on 6/18/2026. See attached document for full details.
06/18/2026- PAPERLESS Minute Order for proceedings held before Judge Federico A. Moreno. Signed by Judge Federico A. Moreno on 6/18/2026, Motion Hearing held on 6/18/2026 re 16 Defendant's MOTION to Dismiss with Prejudice and 21 Defendant's MOTION to Stay Discovery. Total time in court: 51 minutes. Attorney Appearance(s): Pascual Armando Oliu, Evan Matthew Ezray, Corey Patrick Gray, John Richard Byrne, Andres Rivero, Ana C Malave. Court Reporter: Gilda Pastor-Hernandez, 305-523-5118 / Gilda_Pastor-Hernandez@flsd.uscourts.gov.
06/16/2026- Defendant's REPLY in Support of Motion re 16 MOTION to Dismiss with Prejudice 1 Complaint, . filed by Delta Airlines, Inc.. (Singer, Stuart)
DELTA AIR LINES’ REPLY IN SUPPORT OF MOTION TO DISMISS
“Plaintiff’s Opposition fails to address the central defects in the Complaint. First, he fails to show how he could have acquired “possession” or “control” over the Claim by 1996, when he was an unknown heir and a blocked Cuban national. Second, he cannot refute the certified claim showing Delta’s interest in the Airport, which Congress made both conclusive and dispositive in this suit. Third, he attempts to negate the lawful-travel exception by defining it so narrowly that no one could ever satisfy the test—even though air travel has long been the primary (and at times the only) means of lawfully reaching Cuba. Finally, he cannot square the Act’s suspension clause with longstanding separation-of-powers principles, which doom the entire Act. Any one of these reasons is a sufficient basis to dismiss with prejudice.”
Link To Motion To Dismiss In PDF Format
Link To Related Analysis
Delta Air Lines Is Defendant In Cuba Libertad Act Title III Lawsuit For Use Of Airport In Cuba May 09, 2026
How Many Times Twenty-Five Words Used In Cuba’s 176 Transformation Proposals: Tax (42), Private (26), Financial (23), Regulations (7), MSMEs (4), Socialist (3), Communist (0), United States (0)
“Economic and Social Transformations presented to Cuban Parliament”
“The meeting includes the participation—via teleconference—of Army General Raúl Castro Ruz. Also present in the room was the First Secretary of the Central Committee of the Communist Party and President of the Republic, Miguel Díaz-Canel Bermúdez.”
“To evaluate proposals for economic and social transformations, a topic of vital importance for the future of the country, the Third Extraordinary Session of the National Assembly of People's Power (ANPP), in its 10th Legislature, was held on June 18th.”
“The Head of Government pointed out that the document presented includes 176 proposals for transformations, grouped into 23 fundamental axes of the economic and social life of the country.”
America- 0
Communist- 0
United States- 0
Free- 2
Company- 3
Cubans- 3
Socialist- 3
Corporate- 4
Cuba- 4
Cuban- 4
Economic- 4
MSMEs- 4
Incorporate- 5
Decentralize- 7
Export- 7
Regulations- 7
Import- 12
Public- 14
Business- 19
Financial- 23
Enterprise- 25
Private- 26
Bank- 34
Own- 37
Tax- 42
Link: In English: 9,492 Words From Government Of Cuba Will Not Be Enough To Implement Changes Required For Survival, But Is A Useful Beginning June 20, 2026
Link: In Spanish: 9,492 Words From Government Of Cuba Will Not Be Enough To Implement Changes Required For Survival, But Is A Useful Beginning June 20, 2026
constitutionet.org
Granma
Havana, Republic of Cuba
18 June 2026
Economic and Social Transformations presented to Cuban Parliament
The meeting includes the participation—via teleconference—of Army General Raúl Castro Ruz. Also present in the room was the First Secretary of the Central Committee of the Communist Party and President of the Republic, Miguel Díaz-Canel Bermúdez.
To evaluate proposals for economic and social transformations, a topic of vital importance for the future of the country, the Third Extraordinary Session of the National Assembly of People's Power (ANPP), in its 10th Legislature, was held on June 18th.
The meeting, taking place in its usual venue at the Convention Palace with deputies from Havana and those residing in the capital due to their responsibilities, as well as all deputies from across the country connected digitally, includes the participation—via teleconference—of Army General Raúl Castro Ruz.
Also present in the room was the First Secretary of the Central Committee of the Communist Party and President of the Republic, Miguel Díaz-Canel Bermúdez. The president of the National Assembly of People's Power and the Council of State, Esteban Lazo Hernández, commemorated Vilma Espín Guillois, heroine of the Cuban Revolution, who died on this date 19 years ago.
THE PRIME MINISTER REPORTS TRANSFORMATIONS OF STRATEGIC IMPACT IN THE CUBAN ECONOMIC AND SOCIAL MODEL
In the most complex context that the country has faced since the special period, the member of the Political Bureau and Prime Minister, Manuel Marrero Cruz, appeared before the ANPP to present transformations of strategic impact in the Cuban economic and social model, conceived as a sovereign exercise to preserve the conquests of the Revolution without renouncing socialism.
During his speech, the Head of Government contextualized the current situation: an unprecedented combination of coercive measures by the United States government, which has come to interrupt the supply of fuel and sources of foreign currency income, significantly affecting the stability of the energy infrastructure and the quality of life of the population.
He also recognized that his own errors and insufficiencies have never been denied, but he stressed that this set of factors has had a sustained impact on the implementation of the transformations approved since the 6th Congress of the Party in 2011, whose positive results were maintained until mid-2019, when the sanctions policy was intensified, reinforced at the beginning of January 2025.
In this scenario, the Party and the Government, in the legitimate exercise of their sovereignty, have promoted measures to reactivate the economy and correct distortions, a process strengthened with the approval of the Government's Economic and Social Program, validated by the people through popular consultation.
Taking popular sentiment as a direct reference, the Prime Minister announced transformations that find their first foundation in the thoughts of Commander in Chief Fidel Castro Ruz who, in 1993, in the middle of the special period, warned: "Life, reality, the dramatic situation that the world is experiencing, this unipolar world, forces us to do what otherwise we would never have done if we had had capital and if we had had the technology to do it."
Under the guiding principle of doing what is necessary to preserve what is essential, the proposed measures include expanding the participation of all economic actors on equal terms, promoting foreign investment and admitting market mechanisms as an instrument for resource allocation. These actions – he emphasized – do not constitute a surrender, but rather the sovereign adaptation of the development instruments to the specific circumstances of the country.
The Prime Minister recalled the premises of Army General Raúl Castro Ruz in leading the update of the economic and social model: not to be dogmatic or immobile, to banish the mechanical association between socialism and egalitarianism, and to recognize that socialist planning does not exclude, but must incorporate and regulate the rules of the market.
The transformations presented, which will be debated, are part of the collective effort to reactivate the economy and correct distortions, without ever giving up socialist construction, but as a condition for its preservation.
For the preparation of the transformation proposals – Marrero Cruz explained – the following were considered: the indications of the Army General and the First Secretary of the Central Committee, the Government Program 2026, the proposal to update the Conceptualization of the Economic and Social Model, as well as the Agreements of the ANEC Congress and leaders of the State and the Government of the country.
It meant that 390 proposals were received, 66.7% being accepted and the rest corresponding to the implementation process, other positive evaluations, as well as aspects that do not constitute transformations.
As a result of the analysis of the transformation proposals carried out in the Political Bureau, 69 recommendations were incorporated into the document.
The Head of Government pointed out that the document presented includes 176 proposals for transformations, grouped into 23 fundamental axes of the economic and social life of the country.
AXIS 1: TRANSFORMATIONS IN THE MANAGEMENT MODEL OF ECONOMIC ACTORS
State-Owned Socialist Enterprise
- Expand the powers of the state-owned enterprise system so that it operates with greater autonomy and under similar conditions to other economic actors. This includes carrying out any lawful activity, without abandoning its primary corporate purpose. From now on, any regulations approved for other actors will also apply to the State-Owned Socialist Enterprise.
- Decentralize the power to approve wholesale and retail prices to the state-owned enterprise system. Price setting will take into account costs, expenses, market trends, value chains, and the vertical and horizontal relationships between economic actors.
- Resize the State-Owned Enterprises (OSDEs), excluding state functions and those inherent to private companies.
- Empower the OSDEs to create state-owned enterprises and micro, small, and medium-sized enterprises (MSMEs). to companies for the creation of subsidiaries and state-owned micro, small, and medium-sized enterprises (MSMEs), and at both levels for:
*Mergers, dissolutions, liquidations, and other organizational changes, as applicable.
*State-owned business organizations (OSDEs) will be empowered to define their structures and group administrative positions or subcontract services.
- To make the approval and allocation of after-tax profits more flexible.
- To update the functions and powers of the Governing Boards to make their operation more flexible.
- To allow access to the foreign exchange market under the new conditions resulting from the implementation of the transformations, for business structures participating in supply chains.
* To eliminate the salary scale in the state-owned business system and establish a minimum wage that takes inflation levels into account:
* Salary levels, negotiated with workers and with the participation of the Union, will depend on the economic and financial capacity of the companies.
- Change the relationship between the state budget and the state-owned enterprise system, including reviewing the financial burden and eliminating subsidies to businesses.
- Empower Provincial Governments and Municipal Administrative Councils to create, merge, dissolve, and liquidate local state-owned enterprises, as well as carry out other organizational changes.
- Reduce to the bare minimum the indicators used to measure the efficiency of the state-owned enterprise system.
- Allow and encourage businesses (including private businesses) to make financial investments.
- Design financial instruments that allow for the capitalization of businesses without the participation of the state budget.
- Implement a National Program for the Valuation and Titling of State-Owned Enterprise Assets (appraisals) that:
*Conducts a national inventory of tangible and intangible assets of the state-owned enterprise system with market valuations.
*Issues enforceable ownership certificates that can serve as collateral for bank loans.
*Allow state-owned enterprises to monetize underutilized assets through long-term leasing to various economic actors and foreign investment.
- Design an efficient and competitive business system that generates revenue to support the services of social sector agencies.
- Establish procedures for bankruptcy, liquidation, and restructuring of assets with sustained losses in the state sector.
- Transform socialist state-owned enterprises into commercial companies with shares or equity interests:
*The State will define its shareholding in the sectors of the economy, guaranteeing its majority presence in strategic sectors.
*State-owned enterprises may purchase shares in other companies.
*Non-state management entities and individuals will also be able to purchase shares, according to a phased approach to be defined.
*This process will require classifying companies.
Non-state management entities
- Authorize the creation of non-agricultural micro, small, and medium-sized enterprises (MSMEs) and cooperatives pending approval on the
Economic Actors Platform.
- Reduce the requirements, procedures, and timeframes for the creation, conversion, and operation of non-state management entities, defining approval times.
- Allow the hiring of more than 100 employees. Entities with more than 100 employees will be classified as private companies.
- Allow an individual to own more than one private company.
- Expand the corporate structures under which private companies can be organized, including public limited companies.
- Allow the same individual to hold shares in more than one private company.
- Grant real rights (usufruct and surface rights) to private companies or cooperatives to enable them to make investments for the development of their productive or service activities.
- Authorize that cash foreign currency deposits from non-state actors be credited to bank accounts in the same currency, subject to a declaration of the lawful origin of the funds and withdrawal rights.
- Allow non-state management entities to develop other productive and service activities without abandoning their main activity.
- Reduce the list of prohibited activities for non-state economic actors.
- Improve the Economic Actors Platform and incorporate the use of Artificial Intelligence. Guarantee its transparency, traceability, and agility.
- Transform the institutional structure and the forms of ownership and management of the agricultural sector's productive base. Allow private companies to participate in agricultural activities.
- Develop an input market with the participation of all actors and with access to the foreign exchange market.
- Create a National Platform for Production Linkages that establishes the obligation for state-owned enterprises to publish their input and subcontracting needs, as well as the granting of tax incentives based on purchase levels from national producers.
AXIS 2: TRANSFORMATIONS IN OWNERSHIP RELATIONS. DIFFERENCES BETWEEN OWNERSHIP AND MANAGEMENT
The Head of Government indicated that, regarding the transformations in ownership relations and the differences between ownership and management, social ownership of the fundamental means of production is reaffirmed, and progress is being made toward non-state management of these means.
He added that among the new measures is the authorization for the purchase of shares and properties of state-owned enterprises by state and non-state legal entities, both national and foreign, as well as individuals, provided that the lawful origin of the funds is demonstrated.
He highlighted the creation of an Investment Program that incentivizes the participation of Cubans residing in the country and abroad in Cuban companies; in addition to recognizing the legitimate growth of the financial and material assets of legal and natural persons and guaranteeing the protection of labor and social rights without allowing indiscriminate exploitation of man by man.
AXIS 3: TRANSFORMATIONS IN THE ECONOMIC PLANNING SYSTEM
- Improve medium- and long-term planning, focusing on development design, prioritizing macroeconomic stability, reducing structural problems, and providing policy signals for all economic actors.
- Incorporate the economic, commercial, and service activities of non-state economic actors into the projections of the National Economic and Social Development Plan until 2030 and into the Provincial and Municipal Development Strategies.
- Transition to a financial planning model, where the State progressively relinquishes the physical distribution of resources, giving greater weight to market signals:
• State-owned enterprises will access inputs, foreign currency, and other resources for their production in a decentralized manner through market mechanisms.
• State orders will be executed through a contractual framework between supplying and demanding entities.
• The planning process must take into account the satisfaction of domestic market demands.
- Maintain the fundamental balances of the economy (agrifood, foreign exchange, energy, and the State budget), transforming them into instruments for diagnosing, anticipating, and correcting policies.
- Expand the limits for approving investments by decentralizing this authority to state-owned enterprises, commercial companies, or foreign investment entities, based on their financial capacity and access to resources.
AXIS 4: TRANSFORMATIONS AND RESIZING OF THE BUDGETED SECTOR
Marrero Cruz indicated that the proposals for economic transformation include a restructuring of the Central State Administration, which would involve a significant reduction in the number of ministries and budgeted agencies.
He explained that a legislative proposal is already circulating that contemplates the reorganization of state and governmental structures, with the aim of adapting them to the country's new economic conditions and making public administration more efficient.
This process, he said, would also directly impact provincial and municipal administrations, where a resizing of structures and workforces is planned.
AXIS 5: TRANSFORMATIONS IN MUNICIPAL AUTONOMY
Decentralize the following powers at the municipal level:
- Strategic planning.
- Territorial and urban planning.
- Food sovereignty and food and nutritional security.
- Community services.
- Promotion of local economic development:
• Diversify and strengthen its productive fabric, considering the participation of different economic actors, Cubans residing in the country and abroad, and including local production systems.
• Capacity to export and import, as well as generate and retain foreign currency for current and capital expenditures.
• Stimulate and manage foreign direct investment.
- Municipal administrative and human resources management.
- Local budgetary, financial, and tax management.
AXIS 6: ENERGY TRANSFORMATIONS
- Allow the participation of private and foreign capital in the import and marketing of fuels, including the retail network.
- Expand and restructure the management of the service station network, including mobile service stations:
*Require service stations managed by various economic actors to incorporate photovoltaic systems with energy storage to become independent of the National Electric System.
*Encourage the installation of solar charging stations to market electric vehicle charging services.
- Design financing lines, streamline requirements, and expand guarantees for granting loans to legal entities and individuals to incentivize the energy transition. Stimulate investment from the demand side.
- Allow state-owned enterprises to use foreign platforms to process payments for fuel purchases and sales.
- Apply a tax of up to 1% to the import of physical or financial fuel destined for operational inventories.
- Reduce the tax, by an amount equivalent to the investment made, for state and non-state economic actors who invest in renewable energy sources as part of their social responsibility in public service, social, or care centers, including public lighting.
AXIS 7: TRANSFORMATIONS TO INCENTIVIZE AGRICULTURAL RECOVERY
- Modify land management and use for all economic actors:
*Maintain the principle of land ownership by all the people.
*Grant the real right of usufruct over land to state, private, mixed, or natural legal entities that request it, for an indefinite period and for the amount of land specified in the submitted project, for all agricultural, forestry, and tobacco production, as well as for ecotourism and agritourism development projects.
*Authorize the state-owned enterprise that administers the socialist-owned land of all the people to grant usufruct rights to applicants through the corresponding contract, in compliance with current legal regulations.
*Authorize the granting of land in usufruct to Agricultural Production Cooperatives (CPA), once approved by the cooperative's General Assembly and in compliance with current legal regulations.
*Eliminate the requirement for usufructuaries to work directly and permanently on the land.
*Evaluate the definition of work collectives and propose the necessary structural transformations.
- Transform the cooperative management model:
*Authorize cooperatives to import and market fuels as inputs.
*Grant cooperatives the authority to conduct foreign trade directly, for the export of their products and the import of agricultural inputs and technologies.
*Allow cooperatives to directly manage external financing for exportable production, import substitution, and investments.
*Allow cooperatives to open bank accounts abroad and in Cuban banks, in both pesos and foreign currency.
*Make agricultural marketing more flexible. Recognize the market in price formation:
*Decentralize and empower state and non-state business entities, cooperatives, and producers to set prices for agricultural products.
*The contracting and negotiation of prices for agricultural products will be agreed upon between the producer and the buyer.
*Standardize the tax regime for all economic actors involved in the production, processing, and marketing of food.
*Create a National Price Information System for agricultural product markets, publishing reference prices on digital platforms.
*Design incentives for all economic actors to market agricultural inputs in both foreign currency and pesos and to have access to the foreign exchange market:
*Authorize all economic actors to directly market agricultural inputs and equipment in both foreign currency and pesos.
*Promote the creation of input markets in foreign currency, where domestic and foreign individuals and legal entities participate, through a simplified process.
*Approve a special tax regime for all economic actors participating in the input market, with incentives and bonuses for the import and sale of inputs in foreign currency.
*Establish banking procedures that guarantee the execution of foreign currency transactions for the sale of inputs to producers and payments to suppliers abroad, through the use of POS terminals for payments by magnetic card, bank transfer, cash, e-commerce, and other authorized payment methods.
-Increase financing for the primary production sector by expanding and decentralizing the Agricultural Development Fund and creating an Agricultural Development Bank:
*Decentralize the use of the Agricultural Development Fund to municipalities, tailored to the characteristics of their territories, upon presentation of projects that contribute to Development Strategies related to food production.
AXIS 8: SOCIAL TRANSFORMATIONS
- Digitize and make transparent the management of aid through the use of the SOBERANIA platform for real-time updates of the registry of individuals and families in vulnerable situations, thereby systematizing the different forms of assistance, their traceability, and governmental and public oversight.
- Establish that all economic actors (state and private – national and foreign), as part of their social responsibility at the community level, in the areas of finance, material resources, and services, participate directly in the following activities:
*Support pension payments through agreements with banks.
*Support the soup kitchens of the Family Support System and Community Food Centers.
*Support homes for children without parental care.
*Support nursing homes, maternity homes, senior centers, and other social centers.
*Establish differentiated pricing, discounts, free services, or solidarity quotas for people in vulnerable situations.
*Address cases of vulnerable situations identified by local governments.
*Support social and health transportation.
*Support public health institutions and educational centers.
*Contribute to community hygiene and sanitation in critical areas.
*Provide basic necessities to social institutions.
*Create monthly food baskets for vulnerable individuals and families.
*Offer employment, training, or apprenticeship opportunities to vulnerable individuals.
*Establish local emergency funds with private contributions.
*Designate private premises as collection and distribution points during emergencies.
*Support funeral services for low-income families.
*Promote fairs and community sales in vulnerable communities.
*Strengthen Social Work with a proactive and preventative approach by prioritizing its role within the municipality.
*Provide small-scale assets for the development of non-state activities to individuals experiencing multidimensional vulnerability, as a means to access employment and overcome this condition.
*Design educational, training, postgraduate, cultural, and other selected services that will serve as sources of income for the social sector.
- Design differentiated rates for childcare and daycare services based on family income.
- Design tax benefits for workshops employing people with disabilities to increase workers' income.
AXIS 9: TRANSFORMATION FROM PRODUCT SUBSIDIES TO PERSONAL SUBSIDIES
- Eliminate product subsidies and transform them into personal subsidies, implementing this in the following order:
*Products that are cross-cutting across the economy (fuels, electricity, freight and passenger transport, and water rates) that impact production and services, in order to pass on real costs to wholesale and retail prices.
*Other products.
- Create a Social Protection Fund, as a prerequisite for the transformations, using a portion of the savings from eliminating product subsidies.
AXIS 10: LABOR AND WAGE TRANSFORMATIONS
- Implement a comprehensive wage reform in the state-funded sector.
- Set the minimum wage annually and, correspondingly, the amount of social security benefits and pensions, as well as wage increases, based on inflation trends.
- Regarding the social security pension system, establish:
*The elimination of the upper limit on the scale established for social security contributions in the non-state sector.
*That individuals working simultaneously in the state and non-state sectors can enroll in and contribute to the corresponding pension schemes for each activity.
*That, of the 30 minimum years of service required by the contributory pension system, up to a maximum of 10 be considered if the person has dedicated them to family care.
-Eliminate the administrative approval requirement for technicians, healthcare professionals, researchers, teachers, professors, and public officials to hold multiple jobs.
-Establish incentives to retain the skilled workforce, with an emphasis on young people.
-Establish a monthly income equivalent to one minimum wage as a repayable stipend for young people between 18 and 30 years of age who are neither studying nor employed and who enroll in a training course. Funding will come from the social assistance budget or the business sector, as appropriate. The training period will be recognized as time of service rendered.
-Authorize employers, in agreement with the union, to negotiate reduced work schedules and corresponding payments for professional activities, which will be incorporated into the collective bargaining agreement.
- Establish for the business and budgeted sectors that employees of the entity itself may perform professional activities, construction maintenance, and similar tasks.
- Permit teleworking from abroad, at the employer's discretion.
- Include as a justified cause for suspension of social service, professional development abroad for personal reasons related to the professional profile, with the employer's consent.
- Directly empower entities to determine which employees will terminate their employment for economic, technological, and structural reasons, after evaluation by the governing body, in agreement with the union, and analysis in the assembly of members and workers:
*Workers in this situation receive monetary protection equivalent to a minimum of three and a maximum of six times the basic salary of the position they held, on a one-time basis.
- Establish protection equivalent to one month's remuneration for workers hired by self-employed workers (TCPs) in the event of temporary suspension or cancellation of their activity.
AXIS 11: TRANSFORMATIONS AND MODERNIZATION OF THE BANKING AND FINANCIAL SYSTEM
- Promote private capital participation in banking:
* Expansion of banking and non-banking financial institutions by private companies, cooperatives, and foreign investment with corporate and universal banking licenses.
* Private banks will operate under the supervision of the Central Bank of Cuba (BCC) under the same regulatory conditions as state-owned banks.
* The establishment of non-banking or non-financial support institutions for the banking sector, whether national or foreign, will be permitted for the granting of microloans.
- Eliminate restrictions on foreign currency payments between businesses with foreign capital and their national suppliers.
- Allow the opening of foreign currency accounts by legal entities and individuals without prior administrative authorization.
- Implement the regulatory framework for virtual assets and the use of financial technologies and expand their use for international and national collection and payment operations. Create financial entities for virtual assets.
- Update the interest rate system by adjusting it to current economic conditions (including sovereign bonds).
* Private banks will operate under the supervision of the BCC under equal regulatory conditions with state banks.
* The establishment of non-banking or non-financial financial institutions to support the private capital banking sector, national or foreign, will be permitted to grant microcredits.
- Implement the figure of last mile payment agent to formalize remittance flows through a private channel.
- Design other ways to capitalize banks, in addition to the resources of the State budget.
- Update the strategy with a new approach for the treatment of external debt, taking into account current conditions.
- Accelerate the automation process of banks and reduce the procedures associated with their services.
- Grant Transfermóvil a non-banking financial institution license.
- Complete the process of eliminating limits on bank transfers and withdrawals from natural and legal persons, national and foreign.
Exchange rate transformations
- Resize the official exchange and remittance market, with the participation of non-state economic actors, which includes granting licenses for private exchange house operations:
* Create a digital exchange market, in real time, with authorized agents.
* Implement a currency auction system.
- Carry out successive devaluations of the national currency to reduce exchange rate differences. Companies that do not support the devaluation will be liquidated.
* Incorporate cooperatives, diplomatic sector, state MSMEs and foreign investment that operate with non-state forms of management into segment II, guaranteeing that arbitration does not occur. State companies will compete freely for sales and in a controlled manner for purchases.
- Create state and private non-banking financial institutions that are dedicated to channeling financial flows, including remittances, through exchange operations.
- Establish single exchange windows for all economic actors that are decided.
- Expand the corporate purpose of non-banking financial institutions that offer the service for the administration of international cooperation funds.
AXIS 12: TRANSFORMATIONS OF THE TAX SYSTEM
- Improve consumption taxation, through the gradual implementation of the Value Added Tax (VAT). It will begin with certain production-consumption chains and will contemplate reduced tax rates on products in the basket of goods and services.
- Establish the electronic tax invoice with incentives that promote its assimilation by taxpayers.
- Apply a bonus to the sales and services tax based on the levels of banked sales.
- Reduce the fiscal burden of the business sector due to profits tax, with the aim of increasing its growth and investment capacities. Expand the tax base by eliminating special deductions that are not economically justified and reducing the risk of tax evasion.
* Establish a tax on gross income for companies that declare losses for more than two fiscal periods.
- Apply a reduced tax rate of the Profit Tax for the agricultural sector.
- Simplify the calculation and payment of the Profit Tax, eliminating the term of per capita profit, which implies applying the tax to CNA, CPA and UBPC partners.
- Design an accelerated depreciation regime for the acquisition of machinery, food production technologies and industrial processing, which favors the recovery of investments.
- Reduce the financial burden of entities, determined by the contribution of the return on state investment, conditioned for its use in development and capitalization.
- Apply tax incentives to state and non-state economic actors that finance investments in the social sector.
- Update the personal income tax, in accordance with the current inflationary scenario, through the following adjustments:
* Modify the progressive scale for the annual settlement and payment of the tax. Reduce the number of scales to homogenize the application of the tax.
* Increase the minimum tax-exempt threshold to the level of the country's average salary by the end of 2025.
- Reinstate the simplified tax regime for less complex activities, with an automatic adjustment system based on annual gross income levels, allowing the National Tax Administration Office to focus its oversight on larger taxpayers.
- Increase the fixed amounts of the following taxes:
* Land transportation tax based on vehicle type, value, fuel, and other factors.
* Vessel tax.
* Document tax.
* Environmental taxes.
* Fee for registering advertisements and commercial publicity.
- Design tariffs and incentives that promote domestic production processes and the import of raw materials, materials, technologies, and equipment for the use of renewable energy sources.
AXIS 13: TRANSFORMATIONS IN PRICING POLICY
- Decentralize the power to approve prices and tariffs to companies and territorial and local administrations.
- Eliminate price formation based on the cost-plus method and establish, for price formation, the market reference price or a correlation, defining its position in the value chain.
AXIS 14: TRANSFORMATIONS IN FOREIGN INVESTMENT
- Stimulate foreign investment participation in private and cooperative enterprises through the creation of joint ventures and international economic association agreements.
- Extend the limit for granting surface rights to 99 years and usufruct rights to more than 50 years for foreign investment.
- Allow businesses with foreign capital, in any form, to open bank accounts abroad without authorization. In all cases, the Central Bank of Cuba and the National Tax Administration Office must be notified.
- Allow real estate businesses to conduct sales and purchases of residential units.
- Eliminate the mandatory use of employment agencies for selecting and hiring personnel.
- Allow foreign investment to receive its income in foreign currency, operate flexibly in a partially dollarized economy, and access the foreign exchange market.
- Reduce documentation and processing times, and decentralize the approval of foreign investment, including the application of tacit approval. This will be applied to all permitting processes in the country related to issuing licenses for economic, financial, and commercial activities with a direct impact on the registry.
- Allow foreign investment in Old Havana and other heritage areas.
AXIS 15: TRANSFORMATIONS IN FOREIGN TRADE
- Promote exports of goods and services that, through the decentralization of export powers, differentiated incentives, and productive integration with foreign capital, increase the total value of exports to achieve a sustained trade surplus in goods and services.
- Apply the principle of negative nomenclature for companies engaged in foreign trade, including foreign investment.
- Allow private companies and cooperatives to directly conduct foreign trade activities, subject to prior authorization from the Ministry of Foreign Trade and Foreign Investment.
- Approve the sale of trademarks and patents by institutions in the international market, subject to prior authorization.
AXIS 16: SCOPE OF PARTIAL DOLLARIZATION OF THE ECONOMY
- Expand the scope of partial dollarization of the economy to include intercompany and commercial transactions, in accordance with the current situation.
- Modify the current conception of closed self-financing schemes in foreign currency towards a scheme of contributions from foreign currency transactions.
AXIS 17: TRANSFORMATIONS IN THE TOURISM SECTOR
- Add the following to the existing business models (joint ventures and management contracts) for all tourism activities:
* Leases.
* Granting of usufruct rights for a fee.
* Concession of areas with assets or under development in different regions of the country, and the sale of real estate (approval on a case-by-case basis).
This applies to foreign investors, Cubans residing abroad, and those residing in Cuba.
- Include certain areas of the country in the Business Opportunities Portfolio as Economic Development Zones, where special regimes are established.
- Allow the application of all business models in the keys, heritage areas of Old Havana and Trinidad, as well as in all tourist destinations in the country where these models are beneficial for the sector and foreign investment is required for their development.
- Permit real estate development in all tourist areas of the country where this type of business is needed. Establish the possibility of developing real estate businesses in areas of Havana and other urban areas of the country linked to tourism.
- Allow joint ventures and leasing for the negotiation of tourist marinas.
- Approve tax and fiscal benefits for all economic actors for ecotourism projects and other specialized tourism models in order to attract foreign investment and diversify sustainable and responsible tourism development.
- Create an online corporate bank for the tourism sector with international ties that promotes virtual asset services.
- Update the car rental activity (currently exclusive to two companies in the country) to include other state-owned enterprises, foreign investment, and non-state management models.
- Update the incorporation of travel agencies to joint ventures, 100% foreign-owned companies, as well as non-state management models.
-Authorize private tour guides and sales agents, subject to prior authorization due to the high level of specialization required for this activity.
-Approve local destination managers capable of integrating all stakeholders and ensuring the success of the mixed governance model.
-Evaluate the implementation of a special tax—which does not currently exist—or contribution from all tourists visiting a designated tourist area or resort, and allocate the revenue to the area's sustainability, maintenance, and promotion.
-Promote Cuban brand franchises abroad as a way to generate revenue, for example: Casas Cuba, Casas del Habano, La Bodeguita del Medio, El Floridita, and Tropicana.
AXIS 18: TRANSFORMATIONS IN TRANSPORT
- Eliminate the restrictions on vehicle acquisition by various economic actors and individuals, as well as the established deadlines, promoting photovoltaic electric mobility.
- Authorize the direct, non-commercial importation of a 100% electric car by individuals. Provided it is accompanied by a charging station with a fully renewable energy source, it will be exempt from taxes and duties.
- Allow the direct commercial importation of electric vehicles (mopeds, motorcycles, and tricycles) for assembly and sale by authorized state and non-state legal entities. Provided it is accompanied by a charging station with a fully renewable energy source, it will be exempt from taxes.
AXIS 19: TRANSFORMATIONS IN COMMERCE, GASTRONOMY, AND SERVICES
- Modify the policy on state administrative management of commerce, gastronomy, and services, prioritizing non-state management models and foreign investment options.
- Reorganize wholesale trade, prioritizing the creation of supply markets with direct access for individuals and legal entities. Do not place limits on the actors who carry out this activity.
- Authorize the marketing and provision of services by foreign entities based in the country, including branches and representative offices.
- Create chains of stores, restaurants, and a network of light food establishments under recognized brands or others, expanding throughout the country.
- Invite light food franchises to invest in the country.
- To tender recreational parks, zoos, aquariums, protected areas, and lodging facilities to state-owned, foreign, private, and cooperative companies, establishing the conditions for their operation, including sales percentages in pesos and foreign currency.
- To formalize street vendors in various forms within communities, issue "street vendor" permits, and implement a simplified tax system.
- To stimulate wholesale and retail public procurement, using the public procurement budget and bank loans as working capital.
- To create an automated, digital, auditable, and public system for tendering premises and assets to all economic actors.
- To transition from the regulated basic food basket to controlled sales without subsidies within the retail network.
- To authorize individuals to import goods for commercial purposes, levying tariffs in foreign currency. This does not imply granting foreign trade powers.
AXIS 20: TRANSFORMATIONS IN INSURANCE POLICY
- Recognize the profitability of the financial resources mobilized in the insurance sector.
- Create life insurance as a complement to social security protections.
- Boost the marketing of foreign currency policies for transportation, travel, and medical expense risk coverage.
- Mandate civil liability insurance for vehicle drivers.
AXIS 21: DIGITAL TRANSFORMATIONS, ARTIFICIAL INTELLIGENCE, AND THE KNOWLEDGE ECONOMY
- Establish a national framework for mandatory interoperability, data governance, artificial intelligence, and territorial equity.
- Implement a competitive remuneration system that contributes to promoting the export of professional services in digital technologies and artificial intelligence.
- Allow foreign investment in expanding Etecsa's data center capabilities.
- Allow the private sector to provide data center services that do not host the country's critical infrastructure management platforms, equipment manufacturing, and the installation of mobile and fixed networks, triple-play services, data centers, cloud services, IP telephony, and contact centers.
- Establish a digital platform using artificial intelligence for the public procurement system and bidding processes, ensuring transparency, security, and including risk classification.
- Allow for the mixed management of postal infrastructure and last-mile logistics.
- Recognize data as the fifth factor of production (along with land, labor, capital, and entrepreneurship), which implies considering it a non-renewable economic resource with the capacity to generate wealth.
AXIS 22: TRANSFORMATIONS IN THE NATIONAL STATISTICAL SYSTEM
- Design a statistical system that adjusts to economic and social transformations.
- Complete the change of the base year of the National Accounts.
- Resume the construction of the producer price and foreign trade indices, maintaining the consumer price index, together with the products derived from the observed prices.
AXIS 23: TRANSFORMATIONS IN THE CONTROL AND INSPECTION MECHANISMS
- Create a working group, due to its importance and transversality, led by the Central Committee of the PCC and integrated by the ANPP, the Attorney General's Office of the Republic, the Comptroller General's Office of the Republic, the Supreme People's Court, the Council of Ministers (DAOLPP, DSPOD and Department of Crime Prevention), the MININT and the MINJUS, in order to analyze what is established regarding control and make proposals for transformations.
Preliminarily, it was identified that the implementation of the transformations impacts more than 148 provisions of the Cuban legal system:
■ 15 regulations to be repealed.
■ 22 rules to be completely modified.
■ 79 regulations to be partially modified.
■ More than 50 lower-ranking complementary regulations (resolutions).
Additionally, it will be necessary to develop 32 new higher-ranking regulations (10 laws, 14 decree-laws and 8 decrees).
The Prime Minister of Cuba, Manuel Marrero Cruz, affirmed that the proposals for economic and social transformations are developed in correspondence with the Government Program for 2026, considering that both strategies are complementary and respond to the objective conditions of the economy and the current sociodemographic dynamics.
As explained, 76% of these transformations fully correspond to the content of the program, while the rest expands it, integrating changes in the business fabric, greater openness to national and foreign private capital, modernization of the banking system, coherence between exchange, tax and price reforms, as well as territorial decentralization and the resizing of the central administration of the State.
Marrero Cruz stressed that these transformations do not imply renouncing the social responsibility of the State, but rather they incorporate a recognition of market mechanisms as instruments for the efficient allocation of resources.
Likewise, he pointed out that among the main challenges for implementation are the definition of an operational sequence and adequate schedule, the strengthening of institutional capacities, social protection, legal legitimation and citizen participation, in addition to the mitigation of geopolitical risks.
The Prime Minister indicated that during the execution of the process there will be contradictions to be resolved, including the impact of partial dollarization on the economic evaluation, the elimination of subsidies and their relationship with prices, as well as the decentralization of powers without sufficient municipal capacity and the liberalization of agricultural prices without a proportional increase in production.
In this sense, he stated that the implementation process will be flexible, with constant review, adoption of corrective actions and a learning system aimed at managers and managers.
Marrero Cruz also highlighted that the proposals seek to confront the current economic crisis through a window of structural transformation, the failure of which could generate irreversible consequences in the political and social order.
Finally, he reiterated that these measures do not constitute a deviation from the socialist project, but rather respond to the logic of its development, in a context in which Cuba continues the construction of socialism guided by the ideas of Fidel and Raúl.
IN THE VOICE OF THE DEPUTIES
Deputy Danhiz Díaz Pereira stated that among the main feelings raised by the analysis of the document on economic and social transformations are the defense of socialism and the will to build a more developed country, with full dignity for all citizens.
He considered that the proposals constitute an opportunity to move towards a model capable of guaranteeing quality education, better universities, better salaries for teachers and workers, as well as universal health with better institutions and availability of medicines.
Among his proposals, he proposed that in transformation 63, referring to the Sovereignty platform project, it be specified that it constitutes an additional way for the identification of vulnerable people and not the only one, taking into account that the Ministry of Labor and Social Security has other mechanisms for that purpose.
He positively valued the recognition of the social contribution that companies can make and considered that there should be a single business system in Cuba. He also suggested including people who perform care functions among the beneficiaries of employment, training and learning opportunities.
He also proposed that specific crises, which do not necessarily constitute emergency situations, be incorporated into the provisions on the authorization of private spaces as collection and distribution points.
Díaz Pereira commented, in relation to the creation of a social protection fund and the implementation of a comprehensive salary reform, that they are priorities that must be materialized before carrying out other transformations to avoid further impacts on the population.
Regarding the elimination of administrative prohibitions for the exercise of employment by professors and doctors, he suggested specifying the concept of civil servant for a better understanding of its scope.
He highlighted that more than 10 measures in the document explicitly include youth, in coherence with the policy approved for this sector.
Among the proposed complementary actions, he suggested creating a communication channel, possibly supported by artificial intelligence, to allow the public to clarify doubts about the transformations; reviewing personnel policy procedures to enhance the presence of top leaders in municipalities; and calling on the Ministries of Education and Higher Education to adapt curricula and programs of study to the new realities.
He also proposed completing a single, centralized, and digital national employment registry to facilitate the management of labor information.
The deputy emphasized the need to strengthen the management capacities of municipalities and pointed to positive experiences in Havana, where ministers and deputy ministers have directly supported local authorities in transferring management skills and competencies.
He expressed concern about the risks of corruption and influence peddling associated with the new measures, although he affirmed that the transformations should not be feared, but rather that control mechanisms and social protections should be strengthened. In this regard, he underscored the importance of preserving labor rights and continuing to improve existing guarantees.
Finally, he emphasized that communicating the transformations is a shared responsibility and affirmed that the 470 deputies, along with the various agencies and institutions, have a duty to explain the scope of the measures to the people. He stressed the need to pay special attention to Cuban youth and expressed confidence in the country's capacity to save the Homeland, the Revolution, and socialism.
Deputy Carlos Miguel Pérez Reyes stated that, despite the policy of maximum pressure exerted against Cuba, the country remains steadfast in defending the Homeland and its social and economic model. However, he affirmed that alongside the effects of the blockade, there are internal obstacles that must be eliminated and emphasized that several of the transformations presented have been proposed for years.
He underscored that change does not mean renouncing socialism, but rather defending the country's current conditions, and maintained that true social justice cannot exist in an economy that is not productive. In this regard, he supported the proposed reforms, which aim to grant greater autonomy to state-owned enterprises and open opportunities for all economic actors. He also emphasized the vision of a single Cuban business sector comprised of state, cooperative, private, and foreign entities.
During his remarks, he made several observations on the document under review. Regarding the reforms related to state ownership, non-state management, and the transfer of assets, he deemed it necessary to precisely define the concept of fundamental means of production and avoid vague statements about the gradual nature of the reforms.
He proposed revising point 32 to avoid contradictions between public ownership of the fundamental means of production and the expansion of non-state management models. He also suggested removing the word "private" from point 23 and clarifying that a single individual may hold equity and ownership interests in more than one company.
Regarding point 56, he called for clarification of the scope of the additional 1% contribution linked to fuel, considering that the accumulation of various taxes could increase the cost of a product that is highly sensitive for the population.
With respect to the tax system, he proposed that until the value-added tax and electronic invoicing are implemented, the sales and wholesale services tax be eliminated, arguing that it increases costs in the value chains.
In banking matters, he proposed explicitly including the Cuban private sector among the actors authorized to collect payments abroad, on equal terms with other economic entities.
The deputy identified five essential elements for the success of the transformations: public accountability regarding progress and challenges; swift implementation of the measures; active participation of economists, universities, businesses, local governments, and the population; support for those implementing the changes; and the need to subsidize people, not products, accompanying these actions with an increase in income.
He also called on the Cuban private sector to strengthen its social responsibility by supporting, to the best of its ability, retirees, family support systems, children's homes, senior citizen centers, daycare centers, and other vulnerable sectors. He argued that the contributions of this sector should be organized to become a concrete force at the service of the people.
In closing, he stated that the greatest risk is not in over-transforming, but in doing so only partially, and he called for moving forward together, with the people and for the people, in the production, transformations, and development of the country.
"As I have said on several occasions, this is truly applying the concept of Revolution," stated Deputy Emilio Interián Rodríguez, who acknowledged the work done in developing the proposals and called for swift action, without bureaucracy or fear, to implement the transformations and help overcome the complex situation facing the country.
Referring to the agricultural sector, he considered that the measures presented address many of the problems that have limited the growth of food production. He highlighted the transformations related to marketing, contracting, and price formation, noting that these must correspond to real costs to incentivize producers and recover affected sectors, including livestock.
He emphasized the importance of maintaining tax incentives for production and promoting the import of inputs and raw materials through tariff and tax policies that reduce costs and increase the competitiveness of domestic production. He cited pork production as an example, whose development, he said, can benefit from better use of available raw materials and the production of higher-quality products.
Interián Rodríguez described the transformations related to land use and ownership as revolutionary. He considered it necessary to expand access to idle land for producers with proven results and eliminate limitations that hinder the incorporation of new land into production.
He also called for a review of the outstanding debts owed to agricultural producers, considering that payment delays affect motivation and constitute an issue that requires attention.
The deputy emphasized that the new measures demand greater initiative from producers and the search for their own alternatives through production chains and other forms of management, in accordance with the guidelines aimed at increasing national production.
He stressed that the economic and social transformations respond to sovereign decisions of the country and assured that any future changes will continue to be carried out under the premise of preserving national independence and socialism.
As part of the debate, Deputy Laura Marian Bacallao Padrón praised innovative proposals such as 66 and 69, associated with the Social Transformations Axis, which require a responsible party for their implementation. She suggested considering the possibility of explaining the transformations to the population for greater understanding and to avoid misinterpretations.
Likewise, Deputy Francisco Ricardo Sagaró, from Santiago de Cuba, proposed incentivizing payments based on the achievement of indicators and salary differentials that encourage, among other things, the pursuit of higher education and performance-based pay.
On the other hand, Deputy Ailyn Febles asserted that these are transformations for all Cubans, not just a select few, measures that will allow, despite the blockade, "more Cuban-style socialism."
She acknowledged that all companies are national and that the functioning of the business system must be based on socialism, and she emphasized the importance of direct dialogue with the population regarding the significance of these measures.
Similarly, Ana Teresa Igarza maintained that the fundamental challenge of the transformations lies in their implementation and in preserving the Commander's founding vision and the achievements already attained.
She considered it the right time, given the transformations, to discuss the Business Law, considering the multitude of stakeholders involved, and she highlighted that the productive linkage platform is applicable to the entire business sector.
She proposed that micro, small, and medium-sized enterprises (MSMEs) not be evaluated by the number of employees but by their revenue and profitability.
At another point, Deputy Leydis María Labrador commented on the legal safeguards for the proposals and transformations, noting that the Constitution supports the measures, and considered that, based on the political foundations of the Magna Carta, there is a way to ratify these proposals.
Deputy José Carlos del Toro Ríos, president of the National Association of Economists and Accountants of Cuba (ANEC), emphasized that the proposals presented are also the result of analyses and contributions made by Cuban economists. He indicated that the organization is committed to the process of communicating the transformations and to monitoring their implementation, in order to contribute to the identification and mitigation of risks. He also expressed his support for the transformations and reaffirmed the commitment to advance in defense of socialism, under the premise put forth by Commander-in-Chief Fidel Castro Ruz: to change everything that must be changed to preserve what is essential.
Speaking at the debate, the First Secretary of the Central Committee of the Party and President of the Republic, Miguel Díaz-Canel Bermúdez, stressed that the proposed economic and social transformations do not signify a renunciation of socialism, but rather a search for how to continue building it under the specific conditions of Cuba, a country that has faced the blockade imposed by the United States for decades.
He pointed out that this is Cuban socialism and explained that the proposals are the result of contributions from economists, the study of experiences in other socialist countries, and the extensive debate that has taken place in the country over the years.
He recalled that many of the measures were already included in the first version of the Guidelines and considered that, regardless of the current complex scenario, the country should move forward with these transformations.
"We have reached a moment of maturity, of reflection, characteristic of the debate that has taken place over all these years, which is telling us that we had to continue defending socialism, but building it with some transformations," he stated.
Díaz-Canel noted that, even in a more favorable economic context, it would have been necessary to undertake these changes, albeit under more comfortable circumstances. He added that the main challenge is to preserve and expand the social justice built by the Revolution, for which it is essential to have an economy capable of generating the necessary resources.
"We all talk about maintaining social justice, but the first thing we have to do is produce." “If we don’t produce, if we don’t generate wealth, if we don’t provide quality services that are inclusive and comprehensive, what kind of social justice are we going to defend?” he reflected.
The president affirmed that social justice requires a solid economic foundation and emphasized that the priority is to work, produce, and create wealth. “In such difficult conditions, there is only one way to do it right: by innovating,” he concluded.
Speaking at the close of the exchange, Political Bureau member and Prime Minister Manuel Marrero Cruz highlighted the depth of the analyses conducted both in the Political Bureau and in the Plenum of the Central Committee of the Party and in the extraordinary session of the National Assembly, and emphasized the enriching and transformative nature of the debate.
He stressed that the interventions of the deputies were not limited to supporting the proposals, but also incorporated concrete proposals that imply modifications and even new transformations. In that regard, he reported that the working group tasked with drafting the document will immediately begin a revision process to incorporate the proposals, opinions, and criteria contributed during the analysis, with the aim of creating a single document.
Marrero Cruz clarified that the proposed transformations constitute the "what" and that the next step is to develop the "how"; that is, the mechanisms for their implementation and a more precise definition of their scope. He noted that many of the proposals made by the deputies are precisely part of this implementation phase, where the measures must be finalized and expanded so that their results can be observed.
He acknowledged that this is an arduous and complex process, requiring rigorous management and coordination among various institutions. He explained that, by decision adopted at the highest level, the Government is responsible for directing and managing the entire implementation process; the National Assembly of People's Power and its president, Esteban Lazo Hernández, are responsible for providing legal support for the transformations; and to the member of the Political Bureau and Secretary of Organization of the Central Committee of the Party, Roberto Morales Ojeda, personally assume the political assurance of the process.
The Prime Minister emphasized that the country's top leadership has assumed the responsibility of comprehensively guiding the process stemming from the proposed economic and social transformations.
José Amado Ricardo Guerra, member of the Political Bureau and Secretary of the Council of Ministers, read a letter from Army General Raúl Castro Ruz, in which he expressed his support for the proposed economic and social transformations. In the message, the leader of the Revolution expressed his agreement with the presented measures and his conviction that they contribute to the goal of strengthening socialism and preserving the gains achieved in the complex circumstances facing the country.
Established in 1994, the U.S.-Cuba Trade and Economic Council provides an efficient and sustainable educational structure in which the United States business community may access accurate, consistent, and timely information and analysis on matters and issues of interest regarding United States-Republic of Cuba commercial, economic, and political relations.
Economic Eye On Cuba (EEOC)- posts are corrected and revised as new information becomes available
