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Banco Sabadell and Alto Cedro, a corporate financial entity linked to the Botín family, are preparing to withdraw from Cuba to avoid the secondary sanctions that the U.S. Department of the Treasury will impose starting on June 5 against those who continue to operate with Gaviota, the tourism division of the military conglomerate GAESA.
The specialized media Preferente claims to have accessed the complete list of Spanish companies at risk of sanctions, and emphasizes that the scope extends far beyond the hotel industry.
"That list includes banks and suppliers of all kinds and types, in addition to hotels. Almost all have just severed ties with the military conglomerate that controls half of the Cuban economy," says an article published this Friday by the aforementioned outlet.
The exit of financial entities represents a deeper structural blow than the withdrawal of hotel operators, as the banking system underpins commercial transactions and the flow of foreign currency on which the regime depends to maintain its operations.
The framework that triggers these measures is Executive Order 14404, signed by Donald Trump on May 1, 2026, which announces secondary sanctions against foreign companies that operate with the Cuban government or sanctioned entities.
On May 7, Secretary of State Marco Rubio formally designated GAESA and its CEO, Ania Guillermina Lastres Morera, and the Office of Foreign Assets Control (OFAC) set June 5 as the deadline for financial institutions and foreign companies to sever their ties with the military conglomerate.
The first to act was the Canadian mining company Sherritt International, which on May 7 suspended its direct participation in all its joint ventures in Cuba and began repatriating employees.
On May 19, Sherritt halted its formal dissolution process while maintaining operational suspension, acknowledging serious financial and legal risks. The Cuban state owes the Canadian company at least 344 million dollars.
Meanwhile, the major Spanish hotel chains have been formalizing their disassociation from Gaviota in response to pressure from Washington.
Preferente reported that a small chain from Mallorca with three hotels operated under Gaviota has not yet communicated its exit as of today, which means it would be subject to sanctions if it does not act before the deadline of June 5th.
GAESA controls between 40% and 50% of the Cuban economy. Its subsidiary Gaviota managed 120 hotels, of which 62—56.3% of the total—were operated by Spanish chains, which handled about 30,000 rooms on the island according to data from the Spanish Institute of Foreign Trade.
Preferente also points to a political factor that exacerbates the situation of Spanish companies: "The conflict between Moncloa and the White House is proving detrimental to our businesses."
The specialized media asserts that, in the face of a potential tourism transition in Cuba, only the Spanish hotel chains and the Canadian Royalton are in a position to operate immediately, due to their market knowledge and relationships on the island. Meanwhile, the arrival of major American brands like Hilton, Hyatt, or Marriott will require significantly more time and will depend on profound legal reforms that the country has yet to undertake.
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