Trump signs Executive Order 14404, imposing secondary sanctions on Cuba

President Donald Trump signed Executive Order 14404 on May 1, 2026, authorizing the Secretary of State and Secretary of Treasury to designate any non-US person who operates in Cuba's energy, defense, metals and mining, financial services, or security sectors. The order introduced secondary sanctions against foreign financial institutions that conduct significant transactions with designated Cuban entities, threatening to freeze their US correspondent bank accounts. On May 7, 2026, the State Department designated GAESA, the Cuban military conglomerate controlling roughly 60 percent of Cuba's economy, and Moa Nickel SA, giving foreign businesses until June 5 to wind down dealings or face secondary sanctions.