The new rule sparks skepticism among experts, and some fear it’s about “locking in state subordination of the private business sector.”
14ymedio, Madrid, 4 March 2026 — “With the new rule on mixed mercantile companies, imported fuel sold by the private sector might finally have an outlet.” That’s the take from Daniel Torralba, economist and analyst at the consulting firm Auge, after Tuesday’s approval of the new decrees regulating partnerships between state and private companies in Cuba. The announcement opens up a bunch of possibilities—with their ups and downs—but distrust toward the government’s intentions dominates the chatter.
Decree-Law 114/2025 essentially allows two types of association: mixed Limited Liability Companies (S.R.L.) and economic association contracts. It also covers acquisitions—of private shares by the state—and absorptions. Companies must submit a feasibility study proving they can self-finance and generate profits, plus align with the corresponding territorial development strategy.
If the Ministry of Economy and Planning gives the green light, the company gets autonomy to manage its assets, import and export directly, set its own prices, and decide its structure and workforce. Unlike mipymes [MSMEs] and self-employment, all activities are permitted—except Health, Education, and the Armed Forces (except for some purely business-related activities in those areas).
“The private sector could invest in all kinds of markets that were restricted until now, as long as it is done jointly with the Cuban State. One of those markets would be fuel sales,”
“The private sector could invest in all kinds of markets that were restricted until now, as long as it is done jointly with the Cuban State. One of those markets would be fuel sales,” Torralba points out in a Facebook post he titled ¿Cupets mixtos? (“Mixed Cupets?”). “While a private mipyme or cooperative can’t sell gasoline or diesel on its own, the sales could go through if done via a mixed limited liability company. For example, a (or several) hypothetical mixed companies between Cupet and private mipymes,” he reasons.
The economist—who lives in London—admits it is not clear if the US, which has authorized sales to private entities, would allow it if the company is mixed. But he figures “the key thing is the internal barrier gets removed. We would need to confirm if the Cuban State would actually agree to mixed investment in that part of the energy sector, but in principle the decree-law allows it.”
Torralba adds that a deeper analysis is needed and tons of questions remain, but several commenters agree with him that the loophole is open—and since it won’t go unnoticed by the Trump administration, it is fair to wonder if the measure was even weighed in some never-confirmed negotiations with Washington.
Teresita López Joy, also from Auge, analyzed the pros and cons on the firm’s blog. She calls it an opportunity “but one that is conditioned.” The economist warns that “the key to success in 2026 won’t be who partners up fastest, but who manages to structure alliances that protect the private business’s autonomy while tapping into the state’s capabilities.” She advises that before jumping into these deals, you have to consider “not just whether the law allows it, but whether the current economic and geopolitical environment recommends it.”
López Joy breaks down the two types. A Mixed Limited Liability Company (SRL) is like a “legal marriage”: two personalities and assets merge to create a third one that inherits existing rights and obligations. The union is stronger and complex to dissolve.
An Economic Association Contract is “a much more agile figure that doesn’t create a new legal entity. The parties keep their legal independence but join forces for a common purpose for a set time”
An Economic Association Contract is “a much more agile figure that doesn’t create a new legal entity. The parties keep their legal independence but join forces for a common purpose for a set time,” possibly even managing a shared fund without issuing capital. Her takeaway: the flexibility of this one “could paradoxically be the most solid way to build a sustainable private sector in today’s Cuba.”
One big downside she flags is the bureaucracy. Timelines are long (up to 110 days, though theoretically 40 days should resolve it), and the approval adds “an extra political-administrative filter.” On the plus side, for entrepreneurs is access to direct import/export and previously banned sectors; for the state sector, “the interest seems to be capturing efficiency” and agility.
“No analysis of this rule in 2026 would be complete without addressing the elephant in the room: the blockade and its recent tightening,” she warns, echoing her colleague Torralba. While a mixed company “inherits the ‘state characteristic,’” an Economic Association Contract “offers relative shielding.” “Since it doesn’t create a new legal person, the private company keeps its separate legal identity, which could make it easier to argue to international partners that certain operations don’t involve a direct link to the Cuban state sector,” she says.
Yulieta Hernández Díaz, president of Grupo de Construcciones Pilares, is more skeptical. She sees hints of an Asian-style economic transformation, but worries political changes might get left behind. The entrepreneur, based in Havana, thinks Miguel Díaz-Canel is finally taking economic reforms seriously, but she doesn’t see “the structural transformations that are really needed.”
The entrepreneur, based in Havana, thinks Miguel Díaz-Canel is finally taking economic reforms seriously, but she doesn’t see “the structural transformations that are really needed.”
“I’m worried that the reforms being pushed today—both by sectors of the US administration (which focus their rhetoric on economic openings) and by Cuba’s own leadership—get interpreted as real structural change when, deep down, they might not mean any significant opening,” she says, and calls for steps toward democratization, starting with releasing political prisoners.
Economist Pedro Monreal dropped three short messages on his X account after “a quick read.” “From a model perspective, it’s a ‘domesticated’ destatization mechanism that combines ‘satellization’ of parts of the state sector with an ‘oblique graduation’ of private mipymes,” he notes. The expert believes the new rule lets parts of state companies break free to “take advantage of advantageous synergies with national private capital to reinforce state subordination of the private business sector.” He warns about the risks of state control but points out a positive: “Applied to a private business sector forced into the mipyme format with no option to become a large company, the new rule offers an alternative for ‘oblique graduation’ toward greater scale.”
Translated by GH
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