Spain seeks to "minimize" impact on its companies in Cuba from U.S. sanctions

Spain is actively working to mitigate the effects of U.S. sanctions on its companies operating in Cuba, according to Spanish Deputy Prime Minister Carlos Cuerpo. Speaking in Mexico City, Cuerpo stated that Spain maintains "close monitoring" of U.S. administration decisions concerning Cuba to "minimize" their impact on Spanish businesses present on the island. The government is engaged in "permanent dialogue" with these companies, offering support through its economic and commercial office and the Secretariat of State for Commerce, which acts as a liaison with U.S. authorities. This effort follows announcements by major Spanish tourism operators, including Meliá, the largest on the island, and Iberostar, to reduce or cease their operations in Cuba. These companies cite deteriorating geopolitical, legal, and economic conditions, exacerbated by the toughening of U.S. sanctions targeting strategic sectors and military conglomerate GAESA. Meliá will stop managing, marketing, and providing brand services for 15 hotels, while Iberostar has ceased operations for 12 hotels, though it retains six open establishments. The sanctions, stemming from a May 1 executive order, have led to a suspension of transactions for Visa and Mastercard in Cuba starting June 6, as a foreign partner stops processing payments.