Cuba to halt Visa, Mastercard payments amid U.S. sanctions

Cuba will halt payments via Visa and Mastercard cards starting June 6, as a result of new U.S. sanctions targeting the GAESA conglomerate. The Cuban central bank announced that Fincimex, the company handling card operations, will cease cooperation with an unnamed foreign bank. This move follows the U.S. administration's imposition of sanctions on GAESA, which is connected to Cuba's military and owns Fincimex.

Under these measures, foreign banks and companies continuing business with GAESA risk U.S. sanctions. Several international hotel operators from Spain, Canada, and Indonesia have already announced plans to withdraw from joint ventures with the conglomerate. The Cuban central bank blamed Washington's policy for the decision, stating the foreign bank cited the sanctions as a reason for being unable to fulfill its contractual obligations.

As a result, Cuba will only accept cash, local prepaid cards, and cards issued by Russia's "Mir" system or China's "UnionPay" for foreign currency transactions. This significantly limits payment options for visitors and residents relying on international card services.