Cuba will suspend Visa and Mastercard transactions from tomorrow (6 June) after a foreign bank that processed those payments decided to end its relationship with Fincimex, according to the country’s central bank.
The central bank said it was notified on 2 June by the overseas bank that handled transactions in Cuba using Visa and Mastercard.
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“On June 2, we received a communication from the foreign bank that processes transactions carried out in Cuba using Visa and Mastercard, informing us of its decision to terminate its relationship with Fincimex S.A.,” the bank said.
Fincimex is the financial arm of GAESA, a military-run conglomerate that has been targeted by US sanctions.
The central bank said the decision means Cuba can no longer collect revenue from sales of goods and services paid for with the two international card networks.
“As a result of this decision, Cuba is unable to receive income from the sale of goods and services through internationally established cards such as Visa and Mastercard,” it said.
The bank did not identify the foreign institution involved.
The suspension comes amid a further tightening of US measures against Cuba.
Reuters said a 1 May executive order by US President Donald Trump significantly widened restrictions on trade with the island.
Under sanctions overseen by the US Office of Foreign Assets Control, companies dealing with sanctioned Cuban entities had until Friday to adjust their operations.
US measures have focused in part on GAESA, which has interests in tourism, remittances, logistics and financial services. Reuters reported that neither Visa nor Mastercard immediately responded to requests for comment.
