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The Cuban government publicly acknowledged the existence of debts owed to Russian companies and , although it conditioned payments on future economic recovery.
This was confirmed by the Minister of Foreign Trade and Foreign Investment, Oscar Pérez-Oliva Fraga, during the 2025 St. Petersburg International Economic Forum (PMEF), as reported by the agency RIA Novosti cited by the site SNS FM.
"Cuba is willing to settle its debts, but first it needs to strengthen its economy and have the necessary resources," declared the minister during the Russia-Cuba business dialogue.
Recognized debt, postponed payments
The official did not specify the amount of the debt but did reaffirm that Havana considers the commitments made to Russian companies in various sectors to be legitimate, and their intention is to fulfill them when possible.
As part of its strategy to enhance its payment capacity, the Cuban regime plans to: develop non-traditional exports, promote import substitution, and leverage Russian technologies to gain productive efficiency and improve the trade balance.
On the other hand, during his visit to the island in April, Russian Deputy Prime Minister Dmitri Chernishenko promised that his country "will help achieve the sovereignty, economic well-being, and prosperity” of the Island.
The promise came at a critical moment for Castroism, which meets all the criteria to be considered a failed state, except for losing territorial control.
Cuba seeks to maintain ties with Russia
During the meeting, which brought together government and business representatives from both countries, the Cuban side expressed its interest in maintaining and expanding cooperation with Moscow, particularly in key sectors such as energy, biotechnology, transportation, and industrial technologies.
The dialogue is part of Cuba's efforts to promote..
Decline of Russian tourism and support for the energy sector
At the same forum, Cuban authorities projected a 50 percent reduction in tourism from Russia in 2025, which represents an additional blow to an economy already highly dependent on foreign currency earnings. The contraction is attributed to logistical difficulties, inflation in both countries, and global instability.
The day before, the Russian Minister of Energy, Serguéi Tsiviliov, committed to
Credit lines
In September 2024, the Russian government announced its plans to grant new lines of credit, reported the agency EFE.
“Russia will take additional measures to support Havana, particularly by granting new lines of credit,” asserted the Secretary of the Russian Security Council, Sergei Shoigu, during a meeting in St. Petersburg with Cuban Interior Minister Lázaro Alberto Álvarez.
Although details of this new measure aimed at restructuring the island's debt and providing more favorable payment conditions are not yet known, what has been expressed by the Russian side is that they seek to assist in light of the commercial and economic restrictions faced by the country.
In March of that year, the Russian President, Vladimir Putin, approved the modification of the credit agreements between Russia and Cuba.
The Russian government's legal information portal reported that the protocols are backed by the Russian president and pertain to the state credits granted to Cuba between 2009 and 2019 for the acquisition of hydrocarbons
The facilities granted to Havana include the option to settle the debt in rubles, the postponement of the payment plan initially scheduled for 2023-2027 to the period 2028-2040, and adjustments in the calculation of rates for late payments.
In November last year, the Cuban leader Miguel Díaz-Canel met with the Russian Deputy Prime Minister, Dmitri Chernichenko, who announced a credit of 65 million dollars to the island to help it address the severe energy crisis it is facing. The results have not been seen.
Russian financial support not only assists Cuba with its most pressing needs, but it also has political and strategic implications.
Russia is using this assistance to strengthen its presence in Latin America, maintaining strong ties with one of its historical allies in the region.
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