Cuba will suspend transactions with Visa and Mastercard cards from June 6th, the Caribbean country’s Central Bank said this Wednesday (3), citing sanctions imposed by the United States.
According to the Cuban Central Bank, the foreign bank that previously processed credit card transactions decided to limit operations following a May 1 decree from the United States, which considerably expanded sanctions on trade with Cuba.
“As a result of this decision, Cuba is unable to receive revenue from the sale of goods and services through internationally recognized cards, such as Visa and Mastercard,” the central bank highlighted in a statement.
The US decree has sparked an exodus of businesses in recent weeks, including hotel companies, airlines and global shipping companies, as foreign investors seek to distance themselves from the island’s institutions.
