Not legal, tax, or investment advice — and not authorization for any transaction. U.S. sanctions (the Cuban Assets Control Regulations, 31 CFR Part 515) heavily restrict — and in most cases prohibit — dealings between U.S. persons and Cuba, including any form of investment or equity in a Cuban business. The rules are complex, fact-specific, and change; nothing on this site is a determination that any transaction is lawful. Structure anything Cuba-facing only with qualified OFAC sanctions counsel, and screen every party (names, entities, wallets) with QvaPay Sentinel.
Primary sources: OFAC Cuba Sanctions · 31 CFR Part 515 (CACR) · OFAC Cuba FAQs · Cuba Restricted List
Controlling government & state entities
Every state asset in the atlas answers to one of these entities — and the most important ones are military-controlled (GAESA) and legally untouchable. This is the map of who you would have to deal with to take over Cuba's infrastructure, and who U.S. persons legally cannot. Sanctions flags below are computed by cross-referencing each entity against the ingested Cuba Restricted List (236 entities), the OFAC SDN list, and the Prohibited Accommodations List (429 hotels).
GAESA — Grupo de Administración Empresarial S.A.
Cuban military business conglomerate. Controls an estimated 40–80% of the economy: ports/logistics, retail (CIMEX), tourism (Gaviota), finance (FINCIMEX), import/export. The single most important — and most legally radioactive — counterparty in Cuba.
Almacenes Universales S.A. (AUSA)
GAESA logistics/warehousing subsidiary; owner of the ZED Mariel zone land and bonded warehousing.
CIMEX — Corporación CIMEX S.A.
GAESA's retail, remittance and import/export arm. Settlement that touches CIMEX/FINCIMEX is a prohibited path.
FINCIMEX S.A.
GAESA financial/remittance processor. The state settlement rail Layer-1 money must NEVER route through.
Grupo de Turismo Gaviota S.A.
GAESA tourism arm; owns/operates a large share of Cuba's hotels — most of the Prohibited Accommodations List.
CUPET — Cuba Petróleo Unión
State oil & gas monopoly: refineries, the Matanzas supertanker base, onshore oil JVs. Counterparty to confiscated-refinery Title III exposure (Exxon/Belot).
Unión de Ferrocarriles de Cuba (UFC) / MITRANS
National railway operator under the Ministry of Transport. Controls the only railroad in the Caribbean plus the unfinished national expressway program.
ECASA — Empresa Cubana de Aeropuertos y Servicios Aeronáuticos
State airport authority. Operates all civil airports; Jardines del Rey is the only one part-run by a foreign operator (AENA), a template for concessions.
INRH — Instituto Nacional de Recursos Hidráulicos
National water-resources institute. Controls aqueducts, utilities and desalination; the Aguas de La Habana concession (with Agbar) is the standout PPP precedent.
AZCUBA — Grupo Azucarero
State sugar holding. Dozens of mills plus the cogeneration/ethanol modernization story (Ciro Redondo biomass JV is the template).
BioCubaFarma
State biotech & pharma holding (CIGB, CIM). World-class IP; heavy sanctions sensitivity on any U.S. nexus.
GESIME — Grupo Empresarial de la Industria Sidero Mecánica
State steel & machinery group; controls Antillana de Acero, Cuba's largest steelworks.
Moa Nickel S.A. (Pedro Sotto Alba)
Cuban Govt 50% + Sherritt (Canada) 50% nickel/cobalt JV. On the OFAC SDN List and/or the State Department's Cuba Restricted List.
Habanos S.A.
State + foreign-partner cigar distribution monopoly. Current holder of the confiscated Cuban cigar marques (Partagás, Montecristo, H. Upmann, Romeo y Julieta, Hoyo de Monterrey).
⚠️ State utilities/ministries not on the CRL/SDN (UNE, CUPET, INRH, ECASA) remain embargo-restricted for U.S. persons. Screening must use the live OFAC/State sources.
Common questions
Who controls Cuba's economy?+
The Cuban state, the military conglomerate GAESA, and line ministries own or gatekeep the ports, energy, tourism, and most large enterprises. The atlas lists these controlling entities and cross-references their sanctions status.
What is GAESA?+
Grupo de Administración Empresarial S.A. — the Cuban military's business conglomerate, estimated to control 40–80% of the economy. Its subsidiaries (Gaviota, Almacenes Universales, CIMEX) appear across the Cuba Restricted List.