Sherritt International says it is suspending its participation in a Cuban joint venture after the United States expands sanctions affecting the company’s operations. According to reporting, the company’s decision follows the new U.S. measures that tighten restrictions on dealing with entities or sectors linked to Cuba. Sherritt also reports that three directors resign in connection with the change in operations and the company’s updated position toward its Cuban activities. The company is taking additional steps related to its personnel on the island, including actions to repatriate employees back to Canada.
While the specific scope of the sanctions is not fully detailed in the excerpts, the company links its suspension directly to the sanctions expansion, implying that compliance or economic viability has been adversely affected. The developments mark a shift for Sherritt’s long-running presence in Cuba and its joint venture activities, as it moves away from planned operations on the island and toward winding down activities impacted by the new regulatory environment.
