Cuba to suspend Visa and Mastercard transactions, citing US sanctions
The move follows a foreign processor’s exit, leaving Cuba unable to receive revenue from international cards as foreign firms pull back under U.S. sanctions.
- On Wednesday, Cuba's central bank announced that Visa and Mastercard transactions will cease June 6, citing United States sanctions that forced foreign partners to sever ties with the island.
- This suspension follows a May 1 executive order from President Donald Trump that broadened sanctions on commerce with Cuba, prompting an exodus of foreign airlines, hotel companies, and shipping firms.
- Transactions were historically processed by Fincimex, a financial arm of the military-run conglomerate GAESA, which the United States government has targeted for allegedly misappropriating profits from tourism and financial sectors.
- While the United States accuses GAESA of hoarding profits for the Cuban elite, Cuba denies these claims, asserting that the conglomerate contributes to the nation's economic and social development.
- This move represents another economic challenge for the struggling tourism sector as Trump ratchets up pressure in a stated bid to upend the island's Communist-run government.
102 Articles
102 Articles
Washington's pressure against Cuba accelerates the disengagement of foreign companies, on the eve of the entry into force of the American decree which threatens to impose financial sanctions on foreign companies trading with the regime. The latest ones, Visa and Mastercard. A decision that further isolates Cuba from the rest of the world.
kioncentralcoast.com
By Gonzalo Zegarra, CNN en Español. The Central Bank of Cuba (BCC) announced Wednesday that Visa and Mastercard international financial services will cease operating in Cuba starting this Saturday, June 6, to avoid sanctions from the United States government. The institution explained in a statement that the private foreign bank that handled international transactions (and which was not named in the text) told the BCC it was severing its relatio…
More and more tough US sanctions lead to the withdrawal of numerous international corporations on the Caribbean island.
In Cuba, you can no longer pay with Visa and Mastercard credit cards from Saturday.
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