Will (Should) EU Sanction Chairman And CEO Of Spain-Based Melia Hotels For Acquiescing To OFAC? European Version of TACO? Discovery Process Could Make A Lawsuit Challenging For Cuba

Will (Should) EU Sanction Chairman And CEO Of Spain-Based Melia Hotels For Acquiescing To OFAC? 

EU Tough Words Become EACO Version Of TACO 

Canada Has CACO Version Of TACO 

A Pandemic Of ACO Because Cuba Does Not Make Itself Worth The Effort 

Gabriel Escarrer Jaume, Chairman and Chief Executive Officer of Palma de Majorca, Spain-based Melia Hotels International (2025 revenue approximately US$2.4 billion): 

• “I honestly don't know what's going to happen.  We are adhering to the guidelines provided by the U.S. State Department.”    

In response to decisions by the Trump-Vance Administration (2025-2029), Melia Hotels International will cease operations in the Republic of Cuba due to “notable operational, legal and economic-financial difficulties.” 

On 3 June 2026, Melia Hotels International reported an initial decision to terminate operations at some properties in the Republic of Cuba due to “unforeseen circumstances beyond management's control.” 

• This week, Melia Hotels International reported to the Madrid, Spain-based Comision Nacional Del Mercado De Valores (CNMV): “The company informs that its Portuguese subsidiary, Ilha Bela, has decided to cease, with effect from July 24, 2026, the provision of its hotel management and marketing services in relation to all its establishments in Cuba.  This decision also extends to the use of licensed brands, inbound tourism services and the local supply chain associated with the supply of the aforementioned establishments, whose operations will also be interrupted.”  

Executive Order 14404 on 1 May 2026 designated Revolutionary Armed Forces of the Republic of Cuba (FAR)-controlled Grupo de Administración Empresarial S.A. (GAESA) as a Specially Designated National (SDN) subjecting any entity engaging with GAESA to sanctions implemented by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury.   

The Diaz-Canel-Valdes Mesa Administration (2019- ) indicated it may commence legal proceedings for breach of contract against Melia Hotels International which would then be expected to use force majeure as a defence would may (should) result in legal action by the European Union against Melia Hotels International.  If there is litigation, which will likely first be subject to arbitration, the key metric will be through the process of discovery where neither Melia Hotels International nor the government of the Republic of Cuba may want their internal communications in the public domain. 

Melia Hotels International is a publicly-listed company.  As such, any decision by management to forgo seeking repayment of all monies owed to the company by the government of the Republic of Cuba and Republic of Cuba government-operated entities would result in lawsuits from shareholders.

Since 2019, Dr. Ursula von der Leyen, President (2019-2029) of the twenty-seven-country member Brussels, Belgium-based European Commission (EC), and Antonio Costa, President (2024-2029) of the Brussels, Belgium-based European Council (EC), have done nothing to counter decisions implemented by Donald Trump, President of the United States (2017-2021 and 2025-2029). 

• 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.  

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”).  To date forty-six lawsuits have been filed (sixteen by certified claimants & thirty by non-certified claimants).  An increasing number of European Union-based companies have since settled Title III lawsuits.  

• 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. 

In 1996, the European Union implemented a blocking statute in Council Regulation (EC) No 2271/96 administered by the European Commission. 

• https://finance.ec.europa.eu/eu-and-world/open-strategic-autonomy/extraterritoriality-blocking-statute_en 

European Union (bold per original text): “The European Union does not recognise the extra-territorial application of laws adopted by third countries and considers such effects to be contrary to international law. 

In 1996, the United States took such measures concerning Cuba, Iran and Libya.  In response, the EU adopted the blocking statute.  It protects EU operators engaged in lawful international trade and/or movement of capital, as well as related commercial activities, against the effects of the extra-territorial legislation specified in its Annex.  This annex currently consists of U.S. measures concerning Cuba and Iran. 

The blocking statute protects EU operators, regardless of their size and field of activity, by nullifying the effect in the EU of any foreign court ruling based on the foreign laws listed in its Annex; allowing EU operators to recover in court damages caused by the extra-territorial application of the specified foreign laws. 

The blocking statute prohibits compliance by EU operators with any requirement or prohibition based on the specified foreign laws.  EU operators whose economic and financial interests are affected by the extra-territorial application of those laws are obligated to inform the European Commission. 

If EU operators consider that non-compliance with a requirement or prohibition based on the specified foreign laws would seriously damage their interests or the interests of the Union, they can apply to the Commission for an authorisation to comply with those laws.  Such an authorisation may be granted by the Commission in specific and duly motivated circumstances, and as a derogation from the rule.  A template to help EU operators prepare and submit the application is available.”  LINK

Philadelphia, Pennsylvania-based Morgan Lewis: 

“While the EU and UK have blocking statutes in place, the Blocking Statute (Council Regulation (EC) No 2271/96) and the Protection of Trading Interests, respectively, these authorities are not currently drafted to prohibit compliance with the EO.  However, there remains a chance that a single person becomes designated under both the CACR and the EO, in which case there would be implications under these blocking statutes.  

It remains to be seen whether these authorities will be amended, though doing so is not nearly as quick as the US president issuing an executive order.  For example, amending the EU Blocking Statute would require reinitiating the EU legislative process, which usually starts with the European Commission proposing an amendment to the regulation itself or to its Annex, followed by adoption by the co-legislators (the European Parliament and the Council) under the ordinary legislative procedure.  

If the change is limited to updating the Annex, this could also be done by a delegated act.  This was done in 2018 when the European Commission included restrictive measures relating to Iran through a Delegated Regulation (EU) 2018/1100 of June 6, 2018, which shows that the EU can move rather quickly when it wants to capture new US measures. 

The European Union and United Kingdom are not the only jurisdictions which have implemented blocking statutes limiting compliance with US sanctions on Cuba.  Both Mexico and Canada, two material trading partners of the island, also have blocking statutes and therefore operators with touchpoints to those jurisdictions should consider that legislation.”  

EU Absurdity And Parody From An Observer 

“A “preliminary assessment and ascertainment group” will meet in early 2029 to ‘calendar’ a review of the EO 14404 matter for the following year.  Sometime in 2030 a clerk of the EU Commission will read EO 14404 into the official record. It will then be referred to the EU’s extraterritoriality division for a determination that the Order is not a forgery.  The verification timetable there is 12-18 months.  Next is its referral to the EU Parliament for tabling, probably in 2031-32, awaiting a possible hearing.  From there it goes to the Commission's translation bureau in Luxembourg for translation into all 521 EU languages and dialects, which will conclude in 2033.  Once translated, printing and binding of the Executive Order will take another two years if the EU’s official printers’ union isn’t on strike.  Commencement of review of the Order by the Commission will therefore possibly occur in late 2035, early 2036, with special consideration given to updating the EU blocking statute by adding Executive Order14404 to the statute's Annex.  Deliberations may take “up to five years.”  Sources in the Commission can confirm that the matter is viewed as one of “utmost urgency,” so they believe they can keep it within a five-year “analytic framework.”  All-in-all, we’ll have something by 2042 under the Commission's expedited consideration.” 

TACO To EACO To CACO 

The phrase “Trump always chickens out” (TACO) has been embraced and rebranded as “Europe always chickens out” (EACO) by the European Union and European Commission and individual members of the European Union, particularly Spain which has the largest number of companies impacted by Republic of Cuba-related decisions from Trump-Pence Administration and Trump-Vance Administration.  The government of Canada has joined the EACO movement with “Canada always chickens out” (CACO) in doing nothing to defend operations in the Republic of Cuba by Canada-based companies.  

Links To Related Analyses 

EU Not Updating Cuba Blocking Statute After Executive Orders By Trump Administration. Collective Weakness, Forgetfulness, Or Political Impotence? June 23, 2026 

Iberostar Of Spain Settles Cuba Libertad Title III Lawsuit. European Union Tested Limits Of U.S. Courts. May 09, 2026 

How Does CMA CGM Of France Know That European Commission (EC) Will Issue Decision For Libertad Act Lawsuits “in a much shorter period of time than with the prior applicants”?  October 03, 2021 

EC/EU May Today Find End Of “Comity” By United States Courts. After One Year Waiting, EC/EU May Have Run Out Of Time. April 15, 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

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

Four Members Of The United States House Of Representatives Visit Cuba

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.

OFAC Adds Cuba Government Entities To SDN List- More To Come.

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].

New Cuba Sanctions: Implementing Like Drip Coffee... Each Drop Is Reason For Banks And Companies To Proactively Avoid And Disengage With Cuba- Even If Their Activities Are Not Yet Impacted By OFAC

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.

Cuba: 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

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.

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

https://humanfocus.co.uk/blog/the-four-types-of-communication-and-when-to-use-them/

Time For Trump Administration To Authorize OFAC To License U.S. Banks To Open Branches In Havana. The White House Wants Disruption And Efficiency- Branches Would Qualify.

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 

State Department, NSC, OFAC, BIS, USDA Don't Understand Requirements For Financial Plumbing To Function Efficiently.  They Excel In Creating, Maintaining, And Defending Clogs. May 16, 2023 

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

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

Desmond Boylan- AP. Banco Metropolitano, the former building of the First National City Bank of New York, in Havana, Cuba, on Aug. 11, 2015.

Turkiye-Based, Russia Federation-Connected Hotel Management Company Relinquishes Properties In Cuba

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

Turkiye's ATG (Affiliated With ATG Global In New Albany, Ohio) Reported To Manage Hotel Corona In Cuba. Company Not Confirming. August 29, 2024

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

Netherlands-Based Nirint Shipping Reportedly Joins Two EU-Based Shipping Companies In Suspending Cuba Operations.

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

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.

"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

Trump Administration Policies Impact Another Cuba Export: Cigar Distributor Adding Transportation Surcharge Due To Ocean/Air Cargo Disruptions

"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.

Paris Club Of Creditor Nations Reports Cuba Owes US$4.9497 Billion As Of 31 December 2025

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 

Paris Club Of Creditor Nations Reported To Propose New Repayment Schedule For Cuba Which Has Not Maintained A Previous 76% Write-Off From 2015. August 31, 2023 

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

OFAC Adds Cuba Government Companies To SDN List Including In United Kingdom

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]. 

Trump Administration Adds To Castro-Related And Cuba Commercial Python: "Further Sanctions on the Cuban Regime’s Revenue Generation Network"

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. 

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"

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.

LINK To Complete Decision In PDF Format

120-Day Cuba Countdown Clock. Will Trump Administration Approve U.S. Company's Takeover Of Canada's Sherritt International Corporation?

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

Canada's Sherritt International Corporation Update On Operations At Refinery As Trump Administration Executive Orders Continue To Impact Company

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.

EU Not Updating Cuba Blocking Statute After Executive Orders By Trump Administration. Collective Weakness, Forgetfulness, Or Political Impotence?

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: EU To Retain US Law Firm(s) To Help Defend Companies Sued In U.S. Using Libertad Act December 02, 2019 

• 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 

Plaintiffs In Libertad Act Lawsuit Against Spain's Iberostar Hotels Want Court To Move Ahead Without Waiting For EU To Respond- Nearing 12 Months March 17, 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 

EC Now Has To Decide What It Perhaps Doesn’t Want To Decide- Iberostar Of Spain Libertad Act Lawsuit Is First To Report U.S. Court Recognizing EC’s Interest In Title III Lawsuits April 26, 2020 

Iberostar Hoteles Of Spain Sued By Former Property Owner In Cuba Using Libertad Act April 17, 2020

LINK TO COMPLETE ANALYSIS IN PDF FORMAT

Delta Air Lines Writes Plaintiff In Cuba Libertad Act Lawsuit "fails to show how he could have acquired “possession” or “control” over the Claim by 1996"

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)

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: Economic and Social Transformations presented to Cuban Parliament › Cuba › Granma - Official voice of the PCC 

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

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