"Under that order, U.S. Secretary of State Marco Rubio said the Trump administration was targeting Grupo de Administracion Empresarial S.A. (GAESA), the military conglomerate that U.S. officials say controls at least 40 per cent of Cuba's economy, and its Executive President Ania Guillermina Lastres Morera. Rubio accused Cuba's government of providing a platform for the intelligence operations of nations hostile to the U.S., allegations Cuba denies."
"The measures also targeted Moa Nickel SA, a joint venture between Toronto-based Sherritt International Corp and Cuba's state-owned nickel company, which mines nickel and cobalt, Rubio said in a statement, undercutting one of Cuba's key sources of foreign exchange. The Trump administration has also sharply restricted U.S. travel and remittances to the island and moved to dissuade regional allies from contracting Cuban doctors, a long-standing program that Cuba promotes in the name of solidarity but that is also a top source of hard currency."
"With Sherritt suspending operations, the U.S. has now effectively targeted all of Cuba's main sources of hard currency, said Paolo Spadoni, an expert on the Cuban economy at Augusta University. Sherritt among the last companies to operate on a large scale in Cuba despite punishi"
The United States imposed financial sanctions on GAESA, a military-run Cuban business conglomerate, and on Moa Nickel SA, a joint venture between Sherritt International and Cuba’s state-owned nickel company. The sanctions aim to reduce foreign investment flowing to Cuba by targeting major sources of hard currency. The measures follow earlier U.S. actions that included a broadening of Cuba sanctions, restrictions on travel and remittances, and efforts to discourage regional allies from contracting Cuban doctors. U.S. officials said GAESA controls a large share of Cuba’s economy and that Cuba provides a platform for intelligence operations of hostile nations, allegations Cuba denies. The sanctions also reflect worsening conditions after blocked oil shipments and power outages.
Read at www.cbc.ca
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