Visa and Mastercard Suspend Services in Cuba Amid New US Sanctions
- Executive Order No. 14404, issued on May 1, mandates a halt in transactions between a foreign bank and Fincimex.
- Effective June 6, Visa and Mastercard will cease processing payments in Cuba.
- The cessation affects Cuba’s ability to earn income from international card transactions.
- Tourists must now use alternative payment methods like Mir Cards or UnionPay.
- Fincimex is identified by OFAC as being controlled by the Cuban military.
These actions are part of broader U.S. sanctions against Cuba, targeting financial institutions engaging with entities like Fincimex, which is linked to the Cuban military through GAESA. The sanctions aim to restrict Cuba’s access to foreign revenue streams.
The decision by Visa and Mastercard to halt services will significantly impact the tourism sector in Cuba, as international visitors will need to adjust their payment methods starting June. (Source)
