Amid heightened U.S. sanctions on Cuba, American business figures and political allies are eyeing new economic prospects on the island, particularly in its mining sector. The Trump administration’s intensified sanctions have led several foreign companies to reconsider their operations, creating openings for U.S. interests.
Notably, two U.S. groups have emerged as potential suitors to acquire Canadian firm Sherritt International’s stake in a Cuban nickel and cobalt mining venture. One group is linked to Ray Washburne, a businessman closely allied with former President Trump, while the other involves Texas investor Albert Huddleston, who maintains connections with the White House.
The ripple effects of the sanctions are also felt in other sectors. Australian company Antilles Gold has initiated a deal with U.S.-based Global Emerging Markets to transfer its interests in a Cuban copper-gold project, further underscoring the shifting landscape as international entities grapple with compliance challenges.
Interest in Cuba’s tourism and real estate sectors is growing as well. Business executives associated with the Trump Organization have reportedly revisited the island to explore opportunities, particularly as European hotel chains scale back their presence under the pressure of U.S. policies.
Additionally, the tightening sanctions have opened avenues for U.S. companies involved in trade and logistics. Florida and Texas have seen a marked increase in oil exports to Cuba’s private sector. Meanwhile, Florida-based shipping firms are capitalizing on the difficulties faced by international carriers operating in Cuba.
Beyond business, U.S.-based lobbying firms with ties to Trump and Secretary of State Marco Rubio are positioning themselves for influence over Cuba’s potential economic transition. These organizations are advising on investment strategies and compensation for properties confiscated by the Cuban government.
The ongoing developments signal a growing competition among businesses, investors, and political networks as they vie for influence over Cuba’s economic future amid the mounting U.S. pressure on its government.