Russian state bank opens first branch in Cuba

The Russian bank Novikombank, belonging to the state corporation Rostec, became this Thursday the pioneering branch to open a location in Cuba, exactly in Havana, as part of the economic project agreed upon by both governments.

According to the EFE news agency, the entity will focus on financially supporting the work of Russian companies present in the country in areas such as the construction of airplanes, engines, and automobiles, oil extraction, and radio-electronic industry.

The entity also aims to ensure payment stability between Russia and Cuba, as well as provide banking support for economic-commercial relations and investments.

The Spanish news outlet added that Novikombank is confident that the opening of the office will expand interaction with Cuban banks and clients, both existing and potential.

Yelena Georgieva, president of the institution, stated that this event "is not only a new stage for the bank, but also an important step in Russian-Cuban relations."

Even though only its citizens can use them, it is worth noting that Russia activated access to the MIR bank cards, the Russian alternative to Visa and Mastercard, on payment terminals in Cuba last December.

In fact, the Cuban regime reported that - up to the first week of May - more than 67,000 transactions were registered with the MIR. Managed by the Russian National Card Payment System (NSPK), the payment system has become an essential tool for Russian visitors, enabling access to a variety of services and products in Cuban territory.

The Cuban government estimates that this year more than 200,000 Russian tourists will arrive in the country. "The influx of travelers currently exceeds the record numbers dating back to 2019, with more than 184,000 visitors," said Juan Carlos García Granda, Minister of Tourism, during the International Tourism Fair (MITT) in Moscow.

In the midst of a severe economic and social crisis, the administration of the ruler Miguel Díaz-Canel is trying to attract tourism from the Euroasian nation with packages that include excursions, especially boating excursions, which are among the favorites of tourists from that land. Since 2023, Russia has been considered the third largest source of visitors to Cuba.