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🇻🇪 Venezuela /Economy & Trade

U.S. Pressure Accelerates Foreign Company Exodus from Cuba

From El Nacional · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Named sources Ongoing story
  • Several foreign companies are reducing or ending operations in Cuba due to U.S. sanctions targeting the Gaesa conglomerate.
  • The U.S. Treasury's Office of Foreign Assets Control set a deadline for companies doing business with Gaesa to adjust their operations or face sanctions.
  • Spanish hotel chains Iberostar and Meliá, along with Canadian Blue Diamond, are among those scaling back or leaving the island.

U.S. pressure is accelerating the departure of foreign companies from Cuba, as sanctions targeting the Gaesa economic-military conglomerate take effect. Washington has set a deadline for businesses with ties to Gaesa to cease or significantly alter their operations or face penalties. These measures, part of an intensified U.S. policy toward the island, include potential difficulties accessing international finance and frozen assets. The Spanish hotel group Iberostar has stopped managing 12 hotels in Cuba associated with Gaesa, though it continues with others. Canadian chain Blue Diamond has also announced its withdrawal, citing the current sector situation. Other major players like Meliá and Asian group Archipiélago International are reportedly considering similar moves. Earlier, French and German shipping companies temporarily suspended deliveries to Cuba, and Canadian miner Sherritt announced its exit from the island.

DistantNews Editorial

Originally published by El Nacional in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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