Overview
- The U.S. Treasury’s Office of Foreign Assets Control placed Unión Cuba‑Petróleo (CUPET) on its sanctions list on Thursday, June 11, blocking any property or interests of the company that are in the United States or controlled by U.S. persons.
- Washington said CUPET holds assets expropriated from U.S. owners and accused Cuban officials of diverting fuel for elite uses, and U.S. intervention helped halt a planned large shipment by Vanguard Energy while Miami‑Dade revoked that firm’s local license.
- Cuba’s government condemned the move as a deeper economic and energy 'cerco' and warned the measures punish the whole population, with Foreign Minister Bruno Rodríguez saying the listing reinforces the U.S. pressure campaign.
- Facing prolonged power outages and transport disruptions, President Miguel Díaz‑Canel announced a surprise package of reforms on June 12–13 to open tourism, trade and investment, decentralize state control and grant more autonomy to firms, with final approval to come from the Communist Party and the National Assembly.
- Analysts warn the CUPET designation carries secondary‑sanctions risk that already deters banks and foreign firms, which has led operators to exit contracts and is likely to limit Cuba’s ability to buy fuel or attract the foreign investment the reforms aim to secure.