Key facts
- Foreign companies are exiting Cuba due to fear of new US secondary sanctions.
- Allies of Donald Trump and Marco Rubio are seeking control of Cuba's key assets and positioning for business opportunities.
- Ray Washburne and Albert Huddleston are vying for Sherritt International's stake in a Cuban mining venture.
- Global Emerging Markets is negotiating to acquire Antilles Gold Ltd's stake in a Cuban copper-gold mine.
- Trump Organization executives have met with Raúl Guillermo Rodríguez Castro to explore opportunities amid the departure of Spanish hotel giants.
- Treasury-authorized oil exports from Florida and Texas to Cuba's private sector have increased significantly this year.
Allies of Donald Trump and Marco Rubio are reportedly positioning themselves to benefit from Cuba's key assets in the event of a regime change, as new US sanctions compel foreign companies to leave the island. These insiders are offering services to clients navigating the expanding sanctions regime and seeking lucrative business opportunities.
Since an executive order signed by Donald Trump on May 1, which led to Canada's Sherritt International exiting its nickel and cobalt mining joint venture with the Cuban state, two rival US bids have been presented to US authorities for Sherritt's stake. Ray Washburne, vice-chair of Trump’s 2016 Victory Committee, is reportedly in competition with Albert Huddleston, another Texas oil tycoon with White House ties, for these holdings, despite existing claims on Sherritt's Cuba assets by Citigroup and Office Depot.
Australia's Antilles Gold Ltd, after being blacklisted, received approval from the Trump administration to negotiate the transfer of its stake in a Cuban copper-gold mine to the New York-based investment fund Global Emerging Markets. Sources suggest that Trump Organization executives, who previously explored real estate deals and registered the Trump trademark in Cuba, have recently met with Raúl Guillermo Rodríguez Castro, grandson of former Cuban president Raúl Castro, to discuss opportunities amid the withdrawal of Spanish hotel giants Meliá and Iberostar.
Meanwhile, US-authorized oil exports from Florida and Texas to Cuba's private sector have surged to over $160 million this year, a significant increase from last year. Florida shipping lines like Crowley are also seen as beneficiaries of new sanctions that have impacted foreign shippers, forcing commerce to reroute through Florida. Additionally, Franklin Graham, CEO of Samaritan’s Purse, secured a $40 million federal contract for humanitarian aid distribution in Cuba.
Some entities that have advocated for harsher sanctions are also reportedly capitalizing. Madrid-based Vima World SL hired lobbying firm Continental Strategy, led by Cuban-American allies of Rubio, for matters related to trade and foreign relations. Continental Strategy, which terminated its contract with Vima after earning nearly $40,000, has also lobbied for companies like MasTec and American Sugar Refineries. Other organizations receiving grants from US federal agencies are also capitalizing on the Trump administration's efforts to drive political and economic change in Cuba.