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Country Risk

Tightening of US sanctions on Cuba likely to undermine tourism industry, compounding hard-currency shortages

10 November 2017

Event

A set of measures announced by United States President Donald Trump in June aimed at tightening sanctions against Cuba came into effect on 9 November.

The measures include the blacklisting of 180 Cuba-based companies with which no US nationals would be allowed to do business with. The sanctions stipulate that it is against US law to provide economic support to any company run by the Cuban military or the island’s intelligence services; at least 80 hotels fall under such category. This affects directly Cuba’s GAESA, a military-run company that operates companies in the island’s tourism – including main hotels chains and marina infrastructure, car rentals, and restaurants – and food sector.

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