😱 Cuba🇨🇺: on June 6, Visa and Mastercard services stopped operating due to U.S. sanctions🇺🇸

😱 Cuba🇨🇺: on June 6, Visa and Mastercard services stopped operating due to U.S. sanctions🇺🇸
On June 6, a foreign bank (whose identity has not been publicly disclosed) responsible for processing transactions made through Visa and Mastercard cards terminated its relationship with the Cuban state-owned financial corporation Fincimex, disrupting the operation of both payment networks in the country.

🔣 Context: Fincimex is part of GAESA, the business conglomerate controlled by the Cuban military. The group holds a significant position within the Cuban economy, particularly in sectors linked to foreign-currency revenues. Its portfolio includes businesses involved in retail trade, tourism, import and export activities, construction, warehousing, and operations within the Mariel Special Economic Development Zone, while maintaining a high degree of autonomy from other state institutions.

🔣 The Central Bank of Cuba stated that the termination of the partnership is directly related to Executive Order No. 14404, signed by Donald Trump on May 1. As a consequence, Cuba will no longer be able to receive payments for goods and services processed through the Visa and Mastercard international payment networks.

🔣 Despite the disruption, several foreign-currency payment options remain available in Cuba, including cash, the domestic prepaid cards Classic and Tropical, as well as the international payment systems Mir🇷🇺 and UnionPay🇨🇳.

🔣 According to Reuters, neither Visa nor Mastercard responded to requests for comment regarding the development.

#news #Cuba #USA #geopolitics #sanctions

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