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The Swiss bank PostFinance has begun closing accounts of customers residing in Cuba, according to the Swiss public broadcaster SRF.
The measure, attributed to the pressure of economic sanctions imposed by the United States against the Cuban regime, has affected several account holders in recent weeks, reported Reuters.
SRF published what it identified as a copy of a letter sent in March to an affected customer, although it did not specify the number of people impacted by this decision or the exact reasons behind the closures.
However, the broadcaster noted that the bank was systematically notifying its clients with ties to Cuba, and said that the measure could be related to the tightening of economic sanctions by the United States against Cuba under President Donald Trump’s administration.
The broadcaster recalled that on January 20, the day of his inauguration, Trump reversed the Biden administration's decision to remove Cuba from the list of state sponsors of terrorism.
In the letter published by SRF, the bank justified the account closures by arguing that the profiles of the affected customers "do not align with PostFinance's commercial policy direction."
PostFinance noted that international sanctions are subject to constant changes and that, although the restrictions on Cuba are not new, they have evolved over time, leading the entity to adapt its internal policy accordingly.
In 2019, PostFinance stopped processing transactions to Cuba due to fears of sanctions announced at that time by the United States government, which was also under the first administration of Trump.
Frequently Asked Questions about the closure of bank accounts in Cuba due to U.S. sanctions.
Why has PostFinance closed accounts of customers in Cuba?
PostFinance has closed customer accounts in Cuba due to pressure from the economic sanctions imposed by the United States against the Cuban regime. The Swiss banking institution justifies this measure by arguing that the profiles of the affected customers do not align with its commercial policy, influenced by the constant changes in international sanctions.
How do U.S. sanctions affect financial transactions in Cuba?
U.S. sanctions severely restrict financial transactions with Cuban entities, complicating access to international banking services and impacting both the government and Cuban citizens. These restrictions have tightened under the Trump administration, affecting financial entities like Orbit S.A. and preventing the sending of remittances through companies like Western Union.
What impact does Cuba's inclusion on the list of state sponsors of terrorism have?
The inclusion of Cuba on the list of state sponsors of terrorism imposes severe economic sanctions that hinder the island's access to international financing and increase economic and political tensions with the United States. This designation, reinstated by Donald Trump, has been upheld by the Biden administration and has generated criticism from the Cuban regime.
What are the consequences of the cessation of Western Union remittances to Cuba?
The cessation of Western Union remittances to Cuba affects thousands of families who depend on this income. The suspension is due to U.S. sanctions that prohibited transactions with Orbit S.A., the Cuban entity responsible for processing remittances. This further complicates the options for Cubans to receive money from relatives abroad.
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