US hits the heart of the Cuban regime and companies begin to leave the country
Gaesa was already subject to U.S. sanctions. But the new measures were applied under a decree signed last week by President Donald Trump
TL;DR
- The U.S. has imposed new sanctions on key economic entities in Cuba.
- These sanctions target a joint venture involving Canadian miner Sherritt, which is leaving Cuba.
- New sanctions were also applied to Gaesa, a conglomerate controlled by the armed forces.
- Gaesa is estimated to control about 40% of the Cuban economy.
- The sanctions are in accordance with a decree signed by President Donald Trump.
- Secretary of State Marco Rubio stated that more punitive measures are expected.
- Gaesa is described as generating revenue for the corrupt elite, not the Cuban people.
- Gaesa was estimated to have $18 billion in assets.
- Trump has discussed the possibility of taking control of Cuba.
- Cuba has been under a U.S. embargo since Fidel Castro's revolution in 1959.