Mark Frank
NoviCombank opens branch in Havana
HAVANA – Russia’s Novicombank said Thursday it has opened the country’s first representative office in Cuba as part of strengthening economic ties between the former Cold War allies.
The Russian state bank said in a statement that the Cuban central bank granted the license on June 7. There was no immediate comment from Cuban authorities or the central bank.
“The opening of Novicom’s representative office in the Republic of Cuba marks not only a new stage for the bank, but also an important step in Russian-Cuban relations,” Chairwoman of the Board of Directors Elena Georgieva said in the announcement.
Since Russia’s invasion of Ukraine, already good relations between the communist Caribbean countries and Russia have strengthened into a “strategic partnership,” with numerous investment plans under discussion in the sugar, transport and energy sectors.
Last week, a Russian naval frigate and a nuclear submarine sailed into Havana in what was widely seen as a show of force from Moscow amid rising tensions with the West over the conflict in Ukraine.
Cuban President Miguel Diaz-Canel has visited Moscow four times in recent years.
Novicombank said it plans to support its Russian clients’ trade and investment activities in Cuba.
“The two governments are expanding cooperation in all areas,” the statement said.
Since 2022, Russian tourists have been visiting the island in increasing numbers, with oil and wheat shipments providing some relief amid a severe crisis that has sparked record migration and been marked by shortages of basic goods, inflation and power outages.
Cuba is one of the few countries that accepts Russian MIR credit cards.
Cuba first opened its doors to foreign banks in the 1990s after the collapse of the Soviet Union. In recent years, most European and Canadian banks have withdrawn from the country due to the crisis and fears of U.S. sanctions. But that is unlikely to deter Novicombank, which is already under sanctions from the U.S. and other countries over the Ukraine war.
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