Why do Citigroup and Office Depot have veto power over the sale of Sherritt International’s Cuban nickel mine?

Citigroup and Office Depot hold dormant U.S. property claims—worth over $350 million on paper—stemming from assets seized during Cuba’s 1959 revolution, which later became part of Sherritt’s Cuban operations; under the Helms-Burton Act, any buyer engaging with property linked to such certified claims risks allegations of 'trafficking,' giving claim holders effective veto power over transactions involving those assets.

What is the significance of resolving Citi’s and Office Depot’s claims for future investment in Cuba?

Resolving these claims—through buyouts, partnerships, or lease arrangements—could serve as a 'model' for addressing the nearly 6,000 outstanding Helms-Burton Act claims that currently make investing in Cuba legally treacherous, potentially untangling what one attorney called 'the Gordian knot' of U.S. legal barriers to Cuban investment.

Citi and Office Depot Hold Veto Over Sale of Troubled Cuban Nickel Miner

Sep 11, 2026

Citigroup and Office Depot hold historic claims acting as a veto over the sale of Sherritt International, a troubled nickel and cobalt miner in Cuba. Resolving these liabilities is crucial for attracting buyers amidst strict US sanctions.

bloomberg

2026-04-30

Citigroup Retreats from Physical Metals Markets Amid Trader Cuts

2026-05-07

Citi Sees Oil ‘Moving Around Like Crazy’ in Hope-and-Fear Dance

2026-06-11

Citi Hires Ryan Beaupré as MD in Consumer and Retail Investment Banking Push

2026-06-17

Citi Scraps Calls for RBI Hikes as Iran Deal Cools Price Risks

2026-08-07

Citi Revises Q3 2026 Brent Crude Forecast to $80 per Barrel