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Fátima Rodríguez, managing partner of Criminal Law, Compliance, and International Trade and Sanctions at the Madrid-based firm Lupicinio International Law Firm, warned in an interview published in Artículo 14 that "many companies are seriously considering retracting or leaving Cuba."
The statement reflects the climate of uncertainty faced by foreign companies operating on the island, especially Spanish ones, in light of the progressive tightening of U.S. sanctions and the reactivation of the Title III of the Helms-Burton Act, which will take effect on January 31, 2025.
This legal mechanism, suspended for years by previous administrations, allows U.S. citizens to sue in federal courts companies that operate on properties confiscated by the Cuban regime since 1959, with potential compensations, asset seizures in the United States, and significant reputational and legal costs.
The Spanish companies most exposed are the large hotel groups Meliá Hotels International and Iberostar, along with financial institutions linked to Cuban assets.
The effects are already visible on the ground. Meliá would have closed 50% of its operational capacity in Cuba during the first quarter of 2026, with more than 5,000 rooms out of service and an average occupancy of 34.1%.
This month, American Airlines and Iberostar reached confidential agreements to settle lawsuits filed under Title III, confirming that the judicial process remains fully active.
Judicial pressure is compounded by regulatory pressure. The Office of Foreign Assets Control (OFAC) has reportedly set June 5, 2026 as the deadline to cease operations with GAESA, the military-business conglomerate that controls a large part of the Cuban economy, under the threat of secondary sanctions.
An executive order from the Trump administration signed this month also expanded sanctions against Cuba, increasing the risk for foreign actors, particularly Europeans and Spaniards.
Rodríguez, a specialist in international sanctions and regulatory compliance, has published specific analyses with his firm on how companies are navigating this new environment, including the document "The U.S. Reopens the Cuban Case: Sanctions, Extraterritoriality, and Risk for International Operators."
Spain is the main European investor in Cuba, with companies in the tourism sector managing about 30,000 rooms on the island, according to data from the Spanish Institute of Foreign Trade.
The combination of the regime's structural crisis—blackouts, shortages, the collapse of tourism—with the legal risks stemming from Helms-Burton and OFAC sanctions creates, according to the lawyer, an unprecedented scenario for companies operating on the island.
With the OFAC deadline just over a week away, the pressure on foreign companies still operating in Cuba is only set to intensify in the coming days.
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