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The Cuban regime blocked the foreign currency accounts of all foreign companies and diplomatic missions on the island.
According to EFE, the government of Díaz-Canel has reportedly informed foreign companies that they will not be able to withdraw or transfer the foreign currency currently deposited in the country's banks, which implies a quiet freeze for foreign investors.
At the same time, the regime offers these companies the option to open a type of "real" accounts that can be funded with foreign currency from abroad, in exchange for which they could be used for transfers abroad and cash withdrawals.
However, some companies reported that these "real" accounts are experiencing issues with withdrawing cash in foreign currency and repatriating funds.
Also, in a meeting last Wednesday with the Cuban Foreign Ministry, the diplomatic corps learned that a similar mechanism would be implemented.
In the meeting, they learned that a future date will be announced from which foreign currencies that come in can be withdrawn, but the availability of previous funds is not guaranteed.
In April, EFE had already reported that this measure, which is now being generalized, was being applied to several companies.
In July, the United States government issued a public warning to international investors about the risks of doing business in Cuba, describing the island's economic system as a “rigged environment to benefit the regime and its associates.”
"Cuba is not open for business — it is rigged for the regime's cronies," wrote the Office of Western Hemisphere Affairs of the Department of State.
According to the statement, the Cuban government requires foreign companies to form joint ventures where the State appropriates at least 60% of the profits, while the remaining amount is "withheld" and rarely given to foreign partners.
They also pointed out that the regime has a history of defaults and manipulating contractual terms to its advantage.
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