OFAC Sanctions Company Controlled by Cubametales

The Treasury’s Office of Foreign Assets Control sanctioned Corporacion Panamericana, a Cuban company controlled by U.S.-sanctioned Cubametales, Treasury said Nov. 26. Since it was sanctioned, Cubametales has offered Corporacion Panamericana as an intermediary to companies who decline to do business with Cubametales.

Working under Cubametales, Corporacion Panamericana replaced Cubametales in energy deals and “commercial dealings” with several countries, shifting employees from one company to the other, Treasury said. In one instance this year, a North African business refused to do business with Cubametales but entered into an agreement with Corporacion Panamericana related to oil supply, Treasury said.

Cubametales was originally designated for operating in the Venezuelan oil sector. In a statement, Treasury Deputy Secretary Justin Muzinich said the agency “continues to pursue sanctions evaders to deny resources to the illegitimate Venezuelan regime.”