The Trump administration has imposed sanctions on one individual and two entities for supporting Cuba’s communist regime, according to the Department of State on Thursday.
The sanctions come as Cuba faces its worst economic crisis since the 1959 revolution.
The department said the sanctions target Grupo de Administracion Empresarial S.A. (GAESA), a military-controlled conglomerate involved in all sectors of Cuba's economy. GAESA’s revenues are likely more than three times the state’s budget, and recent public estimates show that it likely controls up to $20 billion in illicit assets.
“While the Cuban people suffer from hunger, disease and chronic under-investment in critical infrastructure such as its power grid, much of the proceeds of GAESA’s activities are funneled away to hidden overseas bank accounts,” the State Department said.
Ania Guillermina Lastres Morera (LASTRES) has also been sanctioned for overseeing the management of GAESA’s illicit assets. LASTRES serves as the executive president of GAESA.
Moa Nickel SA, a joint venture between Sherritt International Corporation and the Cuban state-owned La Compania General de Niquel, faces sanctions for gaining profits from assets that were originally expropriated by the Cuban regime from Americans and U.S. corporations.
Sherritt stated on its website on Thursday that it had suspended its direct participation in joint venture activities in Cuba, effective immediately.
The fresh set of sanctions is part of the Trump administration's efforts to ramp up pressure on Cuba this year, suspending shipments of oil from Venezuela, which had long served as Havana's longtime top supplier, and threatening to intensify economic sanctions.
Additional sanctions can be expected in the following days and weeks, according to the State Department.