Gaesa, Cuba's shadow conglomerate faces US sanctions

Gaesa, the state‑run Grupo de la Administración Empresarial S.A., is described as the most powerful Cuban business group. Controlled by the Revolutionary Armed Forces and a small elite led by former president Raúl Castro, it now handles more than 70 % of Cuba’s economy and 95 % of its financial flows.

The United States has imposed sanctions on Gaesa, aiming to cut off the regime’s revenue and pressure the government. The conglomerate’s assets are shielded through offshore tax havens and its net worth is estimated at over $20 billion, surpassing the foreign‑exchange reserves of several Latin American countries.