US measures affect Cuba's banking and financial system

Havana, Oct 31.- Cuba's banking and financial system continues to be one of the main targets of the aggressive measures of the US Government, aimed at reinforcing the economic, commercial and financial blockade against the Island.

Between 2022 and 2023, the monetary-financial damages caused to the Cuban economy due to this cause exceeded 280.2 million dollars, which will be reported on the 1st. and November 2 before the United Nations General Assembly.

The most recent report from the Cuban Foreign Ministry on the impacts of the blockade indicates a significant increase in the refusal of foreign banking and financial institutions to carry out transactions with Cuban banks and companies.

Closing of previously established accounts and contracts, the constant return of bank transactions and the cancellation of keys for the exchange of financial information through SWIFT (Society for Interbank Financial Telecommunications), are among the recurring actions.

Restrictions also persist on the use of the US dollar in transactions abroad, as well as the impossibility of using the US financial system in cases where a Cuban entity is the origin or destination of the transfers.

As a result of the pressure, intimidation and dissuasion exerted by the Northern Government on international financial institutions, new obstacles have been implemented, such as the request for additional documents, which generates delays and limits the execution of payments.

Approximately 130 foreign banks refused to carry out operations with Cuban banks for various reasons (75 from Europe, 21 from America and 34 from the rest of the world), affected a total of 267 operations.

There were also numerous reports of Cubans residing abroad who face the refusal of their banks to operate or make transfers related to the country, regardless of their location in the world.

The validity of the sanctions against Fincimex, a Cuban non-banking financial institution, affects the volumes of remittances sent from the US through Western Union, after the closure of all the latter's branches in Cuba, in November 2020. (Granma) (Photo: PL)