Cuba's nickel (Moa Bay), tobacco, and sugar exports face comprehensive US sanctions under OFAC's Cuba Assets Control Regulations. Any settlement mechanism involving US persons, US-origin technology, or US financial system nexus is prohibited. LCORE's gold DVP can potentially structure settlements for non-US-person transactions with non-US-nexus counterparties — but only after exhaustive OFAC compliance analysis at onboarding. ADGM's English Common Law jurisdiction provides a legal framework, but compliance clearance is the binding constraint.
Request ConsultationWhen CUP payments are blocked by correspondent banking compliance, LCORE's gold DVP provides a neutral Abu Dhabi alternative. Cuban commodity importers can deposit physical gold into DVP escrow -- commodity delivers -- payment in CUP confirms -- gold releases. 2-3 working days.
ADGM English Law governs. Lloyd's $200M insurance throughout. UAE geopolitically neutral -- not subject to US, EU, or UK sanctions regime.
Confidential. Min $5M. ADGM 28158.
Cuba's commodity trade operates under severe structural constraints but retains significant export potential in specific sectors. Nickel and cobalt from the Moa deposits (former Sherritt International partnership) represent the primary hard-mineral export — Cuba holds the world's fourth-largest nickel reserves. Cigars and tobacco from Pinar del Río and Villa Clara provinces command global premium prices through Habanos SA distribution, a joint venture with Altadis/Imperial Brands. Sugar, historically the foundation of Cuban commodity exports, has collapsed from 8 million tonnes annually in the 1980s to under 500,000 tonnes today due to infrastructure deterioration. Citrus fruits and orange concentrates from Jagüey Grande target European and Canadian buyers. Pharmaceutical biotechnology products (including cancer vaccines and interferon) represent Cuba's most sophisticated export, targeted at developing country buyers. Seafood (lobster, shrimp) and rum are additional commodity exports. Cuba's commodity trade is almost entirely conducted outside USD channels due to OFAC sanctions, creating an established non-dollar settlement ecosystem with Canada, Spain, China, Russia, and Gulf buyers.
Cuba is subject to comprehensive US sanctions under the Cuban Assets Control Regulations (CACR) and the Helms-Burton Act, prohibiting virtually all USD-denominated transactions. Cuba has been effectively cut off from the USD correspondent banking system for over 60 years. All Cuban commodity trade is conducted in non-USD currencies — primarily EUR, CAD, CUP, and RMB — through non-US banks. However, European banks face OFAC secondary sanctions risk for any Cuba-related USD transactions, even indirect ones. The Cuban peso (CUP) is not internationally convertible. Banking relationships with Canadian and Spanish banks — the primary non-US correspondents — are under pressure as those banks tighten Cuba-related compliance under OFAC secondary sanctions risk. LCORE's gold DVP, operating under UAE jurisdiction (which does not apply OFAC domestically), provides a legally viable settlement mechanism for Cuban commodity trades structured under ADGM law, for non-US persons and non-US-nexus transactions.