September 30, 2026

Cuba’s government has rejected reports that companies linked to US President Donald Trump visited the island this year to discuss potential business opportunities, while arguing that the long-standing US trade embargo remains the biggest obstacle to the country’s recent economic reforms.

Cuban Foreign Trade Minister and Deputy Prime Minister Oscar Perez-Oliva Fraga said neither he nor other government officials had met representatives from Trump-associated businesses. He stressed that Havana is not opposed to trade or investment from US companies, but said existing sanctions continue to prevent meaningful commercial engagement.

The comments come as Cuba attempts to push ahead with a series of free-market reforms announced in June. If fully implemented, the measures would represent some of the most significant changes to the island’s socialist economic model since 1959. However, Perez-Oliva argued that the reforms will struggle to gain momentum unless Washington eases restrictions that have tightened further under the Trump administration.

Among the most disruptive measures has been an oil blockade introduced in January, which sharply reduced fuel imports from Mexico, Venezuela and other suppliers. The resulting energy shortages have placed additional pressure on businesses and households while complicating efforts to stabilise the broader economy.

The Cuban government has also criticised what it sees as an uneven US approach toward foreign investment. Perez-Oliva argued that Washington is pressuring Cuba’s traditional international partners to reduce commercial ties while at the same time creating limited opportunities for selected US companies.

He pointed to a US policy allowing American firms to export fuel to Cuba’s private sector as an example. Cuban officials have portrayed the measure as an attempt to deepen dependence on the United States rather than support broader economic liberalisation. Washington, by contrast, has maintained that Cuba’s reforms remain insufficient and has continued to call for political change and free elections.

The uncertainty has also affected existing foreign investors. Canada’s Sherritt International suspended direct participation in a nickel and cobalt joint venture following a US executive order threatening sanctions on companies involved in Cuba’s mining sector. Australia’s Antilles Gold, which holds interests in Cuban copper and gold projects, is also reviewing its position.

Perez-Oliva said neither company has formally withdrawn from Cuba, but both are evaluating how to continue operating under the current sanctions environment. Interest from US investors has also emerged, although potential transactions remain constrained by the need for exemptions from existing restrictions.

The broader result is an investment climate caught between domestic economic reform and external political pressure. Cuba is seeking greater foreign capital and private-sector participation, but sanctions continue to limit access to fuel, finance and international partners.

For Havana, the challenge will be converting its reform agenda into sustained investment while navigating an increasingly restrictive relationship with Washington.

Source: (Reuters)