RAFIN S.A.
The financial-management arm of Cuba's military conglomerate GAESA, designated by OFAC in June 2026.
Last refreshed: 1 July 2026 · Appears in 1 active topic
How does GAESA move money now its finance arm is sanctioned?
Timeline for RAFIN S.A.
OFAC hits Cuba's main clearing bank
Cuba DispatchWhat is RAFIN S.A. in Cuba?
Why did the US sanction RAFIN?
Background
RAFIN S.A. is the financial-management and holding Arm of GAESA (Grupo de Administracion Empresarial S.A.), the conglomerate run by Cuba's Revolutionary Armed Forces. OFAC designated RAFIN as a Specially Designated National on 23 June 2026 under Executive Order 14404, alongside Cuba's main clearing bank .
Established in 1999, RAFIN handles financial operations inside the GAESA structure, which controls an estimated 60 per cent of Cuba's hard-currency economy. The listing extends US sanctions from GAESA's hospitality and retail subsidiaries into the group's financial core.
The action forms part of a June 2026 escalation that reached the financial plumbing of the Cuban state rather than only its officials, tightening the pressure on the conglomerate that dominates the island's foreign-exchange revenue.
