Skip to content
You can now search across every topic, entity and event.What's new
MN
OrganisationCU

Moa Nickel SA

Cuba-Canada nickel and cobalt joint venture in Holguín province; dual-tagged [CUBA] and [CUBA-EO] on the OFAC SDN list.

Moa Nickel SA, the Sherritt-Cuba nickel and cobalt joint venture in Holguín, was dual-tagged [CUBA] and [CUBA-EO] on the OFAC SDN list on 7 May 2026, layering Executive Order 14404 on top of decades of Helms-Burton exposure.

Last refreshed: 4 August 2026 · Appears in 1 active topic

Key Question

Does the [CUBA-EO] dual-tag on Moa Nickel SA push Sherritt closer to a hard exit from Cuba?

Timeline for Moa Nickel SA

View full timeline →
Follow Cuba Dispatch →

Background

Moa Nickel SA is a joint venture between Sherritt International, the Canadian mining and energy company, and Cuban state entities, operating the Moa Bay nickel and cobalt mine in Holguín province on Cuba's eastern coast. Established in the early 1990s after the collapse of Soviet-bloc preferential trade, Moa Nickel is the principal foreign-invested operation in Cuba's nickel sector and one of the largest hard-currency-earning assets the Cuban state retains.

Sherritt has navigated US sanctions exposure since the 1996 Helms-Burton Act, with Title III provisions allowing US-citizen lawsuits over confiscated property periodically active and suspended. Moa Bay's nickel and cobalt output is exported principally to Chinese refiners and European battery-supply customers, making the venture's continued operation a live question for both Cuba's export revenue and Sherritt's compliance exposure.

Key Issues
Sanctions dual-tag

Moa Nickel was dual-tagged under EO 14404

On 7 May 2026, OFAC extended the [Cuba-EO] tag onto Moa Nickel SA's pre-existing SDN entry under the [Cuba] programme, alongside the inaugural Executive Order 14404 designation of Ania Guillermina Lastres Morera. The dual-tag preserves all prior Cuban Assets Control Regulations prohibitions while adding the EO 14404 overlay, complicating any future negotiated easing because relief would require lifting tags under both authorities.

For Sherritt International, the joint-venture partner that has navigated US sanctions exposure since the 1996 Helms-Burton Act, the added tag intensifies counterparty risk for any bank, insurer or shipping line dealing with Moa Nickel, even where prior CACR-only exposure had already been priced in.

Common Questions

Reference

What is Moa Nickel SA?
Moa Nickel SA is a joint venture between Sherritt International and Cuban state entities, operating the Moa Bay nickel and cobalt mine in Holguín province. It is the principal foreign-invested operation in Cuba's nickel sector.Source: Sherritt International
Who owns Moa Nickel SA?
Moa Nickel SA is a joint venture between Sherritt International of Canada and Cuban state entities, established in the early 1990s after the collapse of Soviet-bloc preferential trade.Source: Sherritt International
Was Moa Nickel S.A. named in the 31 July 2026 Federal Register gazetting?
Yes. Federal Register Doc. 2026-15491, published 31 July 2026, formally gazetted Moa Nickel S.A.'s 7 May 2026 SDN designation alongside GAESA and Ania Guillermina Lastres Morera, confirming GAESA itself carried a direct designation from that date, not only its subsidiaries.Source: Federal Register
Why is Moa Nickel sanctioned under EO 14404?
On 7 May 2026, OFAC extended the [Cuba-EO] tag onto Moa Nickel SA's pre-existing [Cuba] SDN entry. The dual-tag treatment preserves CACR prohibitions while adding the EO 14404 overlay, intensifying counterparty risk.Source: OFAC Recent Actions