Cuba will be unable to process transactions with Visa and Mastercard starting June 6, after a foreign bank that processed those operations terminated its relationship with the state‑owned company Fincimex SA due to recent unilateral coercive measures imposed by the Trump administration, specifically Executive Order No. 14404 issued May 1, according to the Central Bank of Cuba (BCC).
The BCC stated that payment methods for foreign currency transactions in Cuba will remain limited to cash, two 100% Cuban prepaid cards (Clásica and Tropical), and international Mir and Union Pay cards
The foreign bank notified the BCC on Tuesday that it was interrupting relations with Fincimex, arguing that as of June 6 – when the White House measure takes effect – continuing the agreements with the Cuban entity has become “illicit and impossible.”
On May 7, the U.S. government expanded unilateral coercive measures, targeting strategic pillars of Cuba’s economy by sanctioning the Business Administration Group (GAESA), its director, and Moa Nickel S.A. – a partnership between the Cuban government and Canadian firm Sherritt International.
The escalating sanctions, which reinforce a six‑decade‑long blockade, have severely worsened the economic crisis and living conditions on the island. Cuba has received only one oil shipment (the Russian tanker Anatoly Kolodkin) in nearly half a year.
The fuel shortage has hit economic activity, electricity generation, transportation, food distribution, hospital and school operations, water supply, and other critical sectors.
Several companies, including Canadian Sherritt and leading hotel chains such as Meliá, Blue Diamond, Iberostar, and Archipelago International, have announced full or partial closure of their Cuba operations. Airlines such as Iberia have also ceased operations.
The U.S. siege has even affected UN humanitarian work, as agencies cannot bring or move thousands of tons of aid due to fuel deficits and other blockade‑imposed restrictions.
Source: Cubadebate / RT / BCC
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