Businesses Are Leaving Cuba In Droves

• 7.06.2026, 8:52

The island's economy is failing.

International companies are leaving Cuba, dealing another blow to the island's crumbling economy. At the same time, the Trump administration is increasing pressure on Cuba.

According to The Wall Street Journal.

According to a statement from Cuba's central bank, Mastercard and Visa card transactions for foreigners have been suspended on the island since yesterday, June 6.

In the meantime, hotel giants Iberostar and Meliá said they are giving up management of at least a dozen Cuban hotels. Canada's Royalton Hotels & Resorts has ceased operations after facing a sharp drop in tourist traffic.

There is also uncertainty about the future of Sherritt International, a Canadian mining company that is one of the most important foreign investors in Cuba.

And Sherritt's former CEO was once dubbed Fidel Castro's "favorite capitalist." But in May, the company announced it was suspending operations.

According to the WSJ, the mass exodus of migrants followed the cancelation of flights by several major airlines due to a shortage of jet fuel.

For decades, foreign corporations have tolerated the risks of operating in Cuba in an effort to gain a foothold in the island's tourism and mining sectors, and have done so despite a lengthy U.S. embargo.

They were also among the last remnants of foreign investment in an economy dominated by the communist state. These companies supplied Cuba with much-needed hard currency and business expertise.

But now many have concluded that the risks outweigh the rewards as the companies face both a deepening economic collapse and a Trump administration that is seeking to increase pressure on Havana.