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 DispatchBackground
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.
What is RAFIN S.A. in Cuba?
Why did the US sanction RAFIN?
