How US financial sanctions are intensifying pressure on Cuba

Editor's note: Zhou Jianjun is an associate research fellow at the CEEC Economic and Trade Cooperation Institute of Ningbo University.

This article reflects the author's opinion and not necessarily that of CGTN.

On May 1, 2026, US President Donald Trump signed Executive Order 14404, further escalating sanctions against Cuba.

Unlike the military operations previously launched against countries such as Venezuela and Iran, the US strategy toward Cuba has shifted from direct attacks to economic blockade and containment.

By targeting key sectors including energy, minerals, and financial services, Washington seeks to cut off all of Cuba's sources of revenue.

According to a report by Bloomberg on August 14, the Trump administration has increasingly prioritized economic sanctions and pressure over military options in its approach to Cuba, with the strategy reportedly "aimed at creating fractures in the ranks and room for negotiation." This does not represent a gesture of restraint by Washington.

Rather, it reflects a form of "low-intensity confrontation" in which the United States leverages the global influence of the US dollar and its system of extraterritorial sanctions as tools of pressure.

Cuban Foreign Minister Bruno Rodríguez said that the long-standing US blockade has caused Cuba cumulative losses of $178.7 billion.

Between March 2025 and February 2026 alone, the losses reportedly reached a record $8.083 billion.

No bombs, only blockade.

Behind these words lies a harsh reality: A country is being subjected to systematic economic pressure.

Using dollar dominance and extraterritorial jurisdiction to impose financial coercion on Cuba The core instrument in this "low-intensity confrontation" is not military force, but the US dollar.

After designating Cuba as "a state sponsor of terrorism," the United States restricted Cuba's access to dollar-based financial transactions.

Given the dominant role of the dollar in the international payment system, almost every cross-border transaction involving dollars requires processing through US financial institutions or correspondent banks.