Advanced Search

LatinNews Daily - 22 December 2020

Click here for printer friendly version
Click here for full report

In brief: US sanctions Cuban military-owned companies

* US Secretary of State Michael Pompeo has announced that the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has added three Cuban military-owned companies - Grupo de Administración Empresarial (Gaesa), Fincimex, and Kave Coffee - to its Specially Designated Nationals and Blocked Persons List (SDN List). According to a US Department of State press release, Gaesa is the Cuban military’s largest company, which “controls large portions of Cuba’s economy for the military’s benefit”, while Fincimex “funnels remittances through channels that disproportionately benefit the Cuban military”. Meanwhile Kave Coffee, a coffee company domiciled in Cuba’s capital Havana and incorporated in Panama, is said to be “part of an international network of Cuban-owned companies maintained by the Cuban military and used to evade the US embargo”. All property and interests in property of these entities, that are in the US or in the possession or control of persons subject to US jurisdiction, continue to be blocked, and must be reported to OFAC.