Secretary of State Marco Rubio announced new direct sanctions on Thursday against the Business Administration Group S.A. (GAESA), characterizing the Cuban military conglomerate as the center of a "communist kleptocratic" system. He alleged that GAESA controls up to $20 billion in illicit assets, which have been funneled into hidden overseas bank accounts while the Cuban population endures hunger and power outages.
The State Department's official statement points out that GAESA's revenues "likely triple the Cuban state's budget" and that the conglomerate oversees approximately 40% or more of the island's economy, structured "to generate revenue not for the Cuban people, but solely for the benefit of its corrupt elites."
Alongside GAESA, Ania Guillermina Lastres Morera, the conglomerate's executive president and a brigadier general in the Revolutionary Armed Forces (FAR), was named as responsible for managing these illicit assets abroad. Moa Nickel S.A. (MNSA), a joint venture between Canadian Sherritt International Corporation and Cuba's state-run General Nickel Company, was also implicated, accused of exploiting natural resources with assets initially expropriated from U.S. citizens and companies.
The sanctions are enforced under Executive Order 14404, signed by Trump on May 1, 2026, which authorizes the freezing of assets and prohibits transactions with individuals linked to the Cuban regime.
The announcement had an immediate impact on the markets: Sherritt's shares plummeted by 30% on the day of the announcement, and the company halted its direct involvement in the joint venture, repatriating its Canadian employees from Cuba.
The profile of Ania Lastres Morera, the woman behind GAESA, becomes particularly significant in this scenario, given that her sister, Adys Lastres Morera, resides in Florida and runs real estate businesses, adding a domestic layer to the conglomerate's network of interests.
The allegations concerning the illicit assets are not unfounded. In August 2025, leaked financial documents revealed GAESA had more than $14.467 billion deposited in unidentified bank accounts as of March 2024. This figure prompted the U.S.-Cuba Economic and Trade Council to question whether the regime had lied about its actual ability to honor its external debts, estimated between $28.5 billion and $28.7 billion.
Rubio also linked the sanctions to Cuba's support for Russia's war against Ukraine, citing U.S. intelligence estimates that Havana has deployed over 18,000 troops in the conflict.
"Just 90 miles from U.S. shores, the Cuban regime has devastated the island and turned it into a platform for foreign intelligence, military, and terrorist operations," stated the Secretary of State.
This action is part of Marco Rubio's broader campaign against the financial core of the regime, which includes re-adding Cuba to the list of state sponsors of terrorism in January 2026 and designating 20 additional firms connected to the FAR in March 2026. Since 2022, Washington has sanctioned over 50 Cuban officials and entities for similar conduct.
Economist Pavel Vidal released an analysis on Thursday suggesting that reducing GAESA's monopolistic control and transitioning its functions to transparent civilian structures is a prerequisite for any credible economic reform in Cuba.
Rubio warned that the measures are not over: "Expect new sanctions in the coming days and weeks."
Key Questions About GAESA’s Illicit Asset Network
What is GAESA accused of?
GAESA is accused of managing a network of illicit assets worth up to $20 billion, which are hidden in overseas bank accounts while the Cuban people suffer.
Who is Ania Lastres Morera?
Ania Lastres Morera is the executive president of GAESA and a brigadier general in the Revolutionary Armed Forces. She is accused of managing illicit assets abroad.
How have the new sanctions affected Sherritt International?
The announcement of the sanctions caused Sherritt International's shares to drop by 30%, and the company has suspended its direct involvement in its joint venture with Moa Nickel S.A., also repatriating its Canadian employees from Cuba.