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The bank Novikombank, a subsidiary of the Russian state corporation Rostec, signed an agreement with the Central Bank of Cuba and two of the main commercial banking entities on the island, with the aim of enabling payments in rubles through accounts opened at this Caribbean institution.
According to the outlet Volga News, the agreement was signed during the 22nd session of the Russian-Cuban Intergovernmental Commission for economic, trade, and scientific-technical cooperation, held in Havana.
According to the bank authorities, this measure will expand the possibilities of financial transactions in rubles between both nations, also allowing more Cuban banks to access the Russian payment system.
Digital payments and physical presence
Novikombank had previously introduced the option for ruble transfers between legal entities from both countries, and since last December, it has allowed money transfers in rubles to Cuban citizens through its mobile app.
In 2024, it also became the first Russian bank to open an official representation in Cuba, which was positively evaluated by the intergovernmental commission. The Russian delegation was led by Deputy Prime Minister Dmitri Chernyshenko, while the Cuban side was represented by Deputy Prime Minister Ricardo Cabrisas.
Expanding economic ties
The chairwoman of the board of directors of Novikombank, Elena Gueórguieva, highlighted that in recent years, bilateral economic cooperation has intensified, with the growth of tourism, the use of the Russian "Mir" card on the island, and an increase in the presence of Russian companies and investments in strategic sectors.
“We are happy to contribute to the strengthening of relations between our countries. Working together with the leading Cuban banks will undoubtedly be fruitful for both nations,” stated Gueórguieva as quoted by Volga News.
Increase in bilateral trade
Novikombank has been collaborating with Cuban entities since 2016, facilitating operations in sectors such as tourism, transportation, energy, and other key areas. In just the past year, payments for goods and services through Cuban banks increased by 42%, according to data from the institution itself.
This new step strengthens Russia's strategic commitment to a greater economic presence in Cuba, at a time when the island is experiencing a severe financial and energy crisis, seeking alternatives outside the dollar and the Western financial system.
Frequently asked questions about the financial agreement between the Russian Bank and Cuba
What does the agreement between Novikombank and the Central Bank of Cuba entail?
The agreement facilitates financial transactions in rubles between Cuban and Russian institutions, expanding payment options and allowing more Cuban banks access to the Russian payment system.
How does this agreement affect the Cuban economy?
This agreement represents a strategic step for Cuba in its pursuit of alternatives outside the dollar and the Western financial system, in the context of a financial and energy crisis on the island.
What other aspects are included in the agreements between Russia and Cuba?
In addition to the use of the ruble, the agreements also focus on investment projects in sectors such as energy, transportation, and tourism, reflecting a Russian interest in expanding its economic influence in Cuba.
What is the context of the financial relationship between Russia and Cuba?
The financial relationship between both countries is at a moment of expansion, with a growing dependence of Cuba on Russia, evidenced by credits and payment facilities granted by Moscow in response to the Cuban economic crisis.
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