But there could be a bright side, in the long term, if Venezuela breaks away from Cuba. Cuba's President Raul Castro could be prompted to speed economic reforms he's been pushing and open the door to more foreign capital.
"They are realizing now what can happen if Venezuela disappears, and that they better start changing their model faster than before," said Piñon, a Latin American oil industry analyst.
This month, the Cuban National Assembly is expected to pass a new foreign investment law that would make Cuba more open and flexible to foreign investment.
"Cuba is getting ready for the eventual lifting of the U.S.embargo," Piñon said. "Everyone is prepositioning themselves for a post-embargoed Cuba."
Brazil, an increasingly important partner for Cuba, is already deepening its economic relationships with the island nation with the upgrade of the Cuban port of Mariel, a nearly $1 billion project that is being mostly financed by Brazil. Cuba also has started to supply Cuban doctors to Brazil, where there is a shortage of health-care professionals.
Brazil is betting in the economic potential the port would bring from traffic between the United States and Cuba through the Panama Canal if the U.S. embargo on trade with Havana is lifted, said Julia E. Sweig, senior fellow for Latin America studies at the Council on Foreign Relations.
"This is a pragmatic and strategic play by Brazil to expand its investment and political, economic presence in Cuba because there's an opportunity there," Sweig said. "It's a bit of a bet because we don't know what the new foreign investment law is going to look like yet. That's going to be a significant indicator of how much opportunity, not only for Brazil, but for other countries, exists in Cuba."
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But could new legislation pave the way for Cuba to mend its relationship with the United States?
"I am skeptically optimistic," Sweig said. "I don't think it would trigger any massive changes in Washington's policy towards Cuba until Washington is ready to marginalize the opponents of change in the U.S. Congress."
But Piñon is more optimistic.
"I think the embargo is going to be lifted within the next five years," Piñon said. "Now, what will be the catalyst? I don't know. Is it going to be an economic or political event? I think it will be a combination of both."
Some others say Cuba's political system will weigh more than any economic progress it makes.
"The Helms-Burton law explains that Cuba needs to change its political system, not opening up a little more with another foreign investment law. The law talks about Cuba becoming a free and democratic country," said Jaime Suchlicki, head of Institute for Cuba and Cuban American Studies at the University of Miami. The Helms-Burton Act of 1996, also known as the Libertad Act, extended and toughened the U.S. embargo against Cuba, seeking to mainly pressure the Castro regime to transition into a democracy through economic sanctions. The law has requirements, including Raul and Fidel Castro to be out of power and the release of political prisoners.
Suchlicki points to an additional issue: "Cuba is an ally of Iran and Russia … Cuba is not a friend of the United States."
Although it's still unclear if there will be any benefits for Cuba in the long run, one thing is for sure. Cuba will have to endure some pain caused by Venezuela's turmoil.
—By CNBC's Silvana Ordoñez. Follow her on Twitter