Trump and Rubio allies are vying for control of Cuba's assets if the regime falls, as new secondary sanctions drive foreign companies out. The battle for influence over the island's economy is intensifying.
Since an executive order signed by Donald Trump on 1 May, Canada's Sherritt International was forced out of its nickel and cobalt mining joint venture with the Cuban state. Now, two rival US bids to buy out its stake have been presented to US authorities, highlighting the high-stakes competition.
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Key Players in the Cuba Asset Race
Ray Washburne, vice-chair of Trump's 2016 Victory Committee, is clashing with Albert Huddleston, another Texas oil tycoon with close ties to the White House. Both are hoping to swoop in, despite nine-figure claims on Sherritt's Cuba holdings by Citigroup and Office Depot.
Marco Rubio, the secretary of state, told Axios last month there are "no escape valves" from his unprecedented pressure campaign against the island. But not everybody is losing out. A growing cast of Washington and Florida insiders – from billionaire Trump cronies and Rubio-linked lobbyists to Cuban exiles – are jockeying for control of the communist-ruled island-nation's key assets.
Foreign Companies Driven Out
Spanish hotel chains, a Canadian mining firm, European shipping giants, and even Visa and Mastercard have been driven out of Cuba this summer over fear of being hit with potent, new secondary sanctions. These companies are now navigating the ever-expanding web of sanctions, often paying top dollar to consultants with connections.
Impact of Secondary Sanctions on Cuba's Economy
The secondary sanctions have had a chilling effect on foreign investment in Cuba. Companies that once saw opportunities are now fleeing, leaving a vacuum that US insiders are eager to fill.
| Company | Country | Sector | Status |
|---|---|---|---|
| Sherritt International | Canada | Mining | Forced out |
| Spanish hotel chains | Spain | Tourism | Driven out |
| European shipping giants | Europe | Shipping | Withdrawn |
| Visa and Mastercard | USA | Finance | Ceased operations |
What This Means for US Businesses
For US businesses, the situation presents both risks and opportunities. While sanctions create barriers, they also open doors for those with the right connections. Companies that can navigate the complex regulations may find lucrative opportunities in a post-regime Cuba.
- Opportunity: US firms with political ties may gain early access to key Cuban assets.
- Risk: Secondary sanctions can ensnare unwary businesses, leading to severe penalties.
- Uncertainty: The future of Cuba's regime remains unclear, making long-term planning difficult.
- Competition: Multiple US interests are vying for the same assets, driving up prices and complexity.
The Role of Marco Rubio
As secretary of state, Marco Rubio has been a driving force behind the sanctions. His hardline stance has made him a key figure for those seeking to do business in Cuba. Rubio's connections to Florida insiders and Cuban exiles give him significant influence over who gets access.
Rubio-linked lobbyists are among those positioning themselves for lucrative business opportunities in the case of regime collapse. Their deep understanding of the sanctions landscape makes them valuable guides for companies looking to enter the Cuban market.
FAQ
Who are the key figures vying for Cuba's assets?
Ray Washburne and Albert Huddleston are two Texas oil tycoons with close ties to the Trump administration. Both have submitted bids for Sherritt International's stake in Cuba's mining joint venture. Other Washington and Florida insiders, including Rubio-linked lobbyists and Cuban exiles, are also positioning themselves.
What are secondary sanctions and how do they affect Cuba?
Secondary sanctions are penalties imposed on foreign companies that do business with a sanctioned country. In Cuba's case, they have driven out Spanish hotel chains, Canadian mining firms, European shipping giants, and even Visa and Mastercard, severely limiting foreign investment.
What opportunities exist for US businesses in Cuba?
US businesses with political connections may gain early access to key Cuban assets if the regime falls. However, they must navigate a complex web of sanctions and compete with other US interests. Consulting firms and lobbyists with expertise in sanctions are also finding lucrative opportunities.
The jockeying for Cuba's assets is a high-stakes game with significant implications for US foreign policy and business. As the pressure campaign continues, only those with the right connections and expertise will be able to capitalize on the potential opportunities.
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