Cuban army conglomerate GAESA sells assets amid US sanctions

The Cuban military‑run conglomerate GAESA, which controls a large share of the island’s economy, is shedding assets to avoid exposure to U.S. sanctions imposed in May. GAESA’s logistics arm, Terminal de Contenedores Mariel SA, transferred its assets to the state‑run Coral Marítima SA, and the conglomerate withdrew from a joint venture that operated the Miramar Business Center in Havana, leaving the Guernsey‑based CEIBA Investments Ltd. with full ownership.

U.S. officials have described GAESA as a “state within the state,” targeting its energy, defense, mining, security and financial sectors. The sanctions have prompted major shippers such as CMA CGM and Hapag‑Lloyd to suspend cargo deliveries to Cuba and have spurred an exodus of foreign investors. Analysts note that while the sanctions expose corruption within GAESA, ordinary Cuban workers remain largely disengaged due to economic hardship and fear of change.