Havana: Cuba will suspend Visa and Mastercard transactions from June 6 after a foreign banking partner withdrew services following expanded US sanctions, the country's central bank said. The move means Cuba will no longer be able to receive payment
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Havana: Cuba will suspend Visa and Mastercard transactions from June 6 after a foreign banking partner withdrew services following expanded US sanctions, the country's central bank said.
The move means Cuba will no longer be able to receive payments for goods and services through the internationally recognised cards, dealing another blow to the island's struggling economy and tourism sector.
Cuban authorities said the decision followed a May 1 executive order by US President Donald Trump that broadened sanctions on trade with Cuba. The restrictions target GAESA, a military-linked conglomerate that plays a major role in the country's economy.
The tougher sanctions have already prompted several foreign businesses, including hotel operators, airlines and shipping firms, to reduce or end their activities in Cuba.
Washington accuses GAESA of controlling profits from key industries for the benefit of Cuba's military and political elite, a claim Havana denies, saying the group supports the country's economic and social development.
Neither Visa nor Mastercard immediately commented on the announcement.
Pic Credit: AFP
