Key facts
- Cuba's deputy prime minister Oscar Perez-Oliva Fraga denied any knowledge of companies linked to Donald Trump contacting Cuba.
- Perez-Oliva stated the US trade embargo is the main impediment to Cuba's free-market reforms.
- He criticized a US State Department policy allowing US companies to export fuel to Cuba's private sector, calling it an effort to foster economic dependence.
- Canada's Sherritt International suspended direct participation in a nickel and cobalt mining joint venture with Cuba following US sanctions threats.
- Australia's Antilles Gold is evaluating alternatives for its copper and gold mine in Cuba due to sanctions.
Cuba's top trade official, Oscar Perez-Oliva Fraga, denied reports that companies linked to US President Donald Trump had recently met with Cuban officials to discuss business opportunities. Perez-Oliva stated that he had no knowledge of such contacts and emphasized that the US trade embargo remains the primary obstacle to the island's implementation of significant free-market reforms. He described the embargo, including an oil blockade imposed in January, as a major impediment to economic progress and a tool to foster dependence on the United States.
In June, Cuba unveiled unprecedented reforms aimed at liberalizing its socialist economy, a move that has faced increased pressure from the Trump administration through renewed sanctions. Perez-Oliva asserted that Cuba's policy is not to prohibit US companies from investing or trading, but the existing embargo prevents such engagement. He criticized a specific US State Department policy that allows American companies to export fuel to Cuba's private sector, viewing it as an attempt to recreate colonial-era economic ties.
The ongoing stalemate has impacted international investors. Canada's Sherritt International has suspended its direct involvement in a nickel and cobalt mining joint venture with the Cuban government due to threatened US sanctions. Australia's Antilles Gold, which operates a copper and gold mine in Cuba, is also assessing its options in light of the sanctions. Perez-Oliva confirmed that neither company has withdrawn from Cuba but are evaluating alternatives to continue operations. He also dismissed rumors of his own presidential aspirations, stating he is a public servant.