Spain’s PP demands files on Castro-linked firm handling Cuba nationalizations
PP is pressing Madrid to open files on a Castro-linked firm that handled Cuba’s nationalizations, as Washington tightens sanctions and Spanish money stays exposed.
Spain’s Popular Party has demanded that the government release files on a company tied to the Castro regime that has been handling nationalizations in Cuba.
President Donald Trump signed Executive Order 14404 on May 1, 2026, giving the United States broader authority to sanction people and entities linked to repression and threats to U.S. national security and foreign policy. Since then, Washington has targeted GAESA, Cuba’s military conglomerate, on May 7, Miguel Díaz-Canel, members of his inner circle and Alejandro Castro Espín on June 4, CUPET on June 11, and five more Cuban entities on June 23, including three tied to GAESA and one member of the extended Castro family.
On June 19, Cuba’s parliament approved reforms to liberalize and decentralize parts of the system. The package included allowing state companies into the foreign exchange market and authorizing investments by Cubans living abroad. Havana had already published a decree-law in March 2026 that opened the door to public-private enterprises for the first time in nearly 70 years.
After Fidel Castro took power on January 1, 1959, Cuba nationalized property belonging to foreign firms, including Spanish, Canadian and French companies. Spain, Canada and France later reached compensation agreements with Havana over those expropriations, but the U.S. never settled its own claims. A 2015 report found U.S. claimants still held 5,913 unresolved expropriation claims worth more than $7 billion with interest.
Spain’s Economic and Commercial Office in Havana’s latest private-debt report lists the debt accumulated by Spanish companies with interests in Cuba at 255.9 million euros, up 0.1 percent last year. A February 2026 estimate puts the Cuban government’s debt to Spanish companies at at least $320 million, while accumulated Spanish investment in Cuba from 1993 to 2024 reached 465 million euros.
The U.S. Supreme Court’s May 21, 2026 ruling in a case involving confiscated Cuban docks opened the door to future claims by other U.S. firms and citizens.
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