The Cuban Deputy Prime Minister Óscar Pérez-Oliva Fraga presented a wide range of investment opportunities to Russian companies during the Saint Petersburg International Economic Forum (SPIEF 2026).
The official assured this Thursday that Cuba is the country in Latin America and the Caribbean "where Russian companies can fully and confidently develop their activities."
The event featured a business dialogue titled "Russia-Cuba: Cooperation in Turbulent Conditions", held as part of SPIEF 2026, which brings together business leaders from over 130 countries in St. Petersburg from June 3 to June 6.
Pérez-Oliva detailed that Cuba is open to business in the energy sector.
"There are also identified investment opportunities in a wide range of sectors outlined in the roadmap, particularly in energy, where we are open to business in generation, distribution, energy efficiency, and renewable energy sources," he noted.
Regarding the refineries, the official indicated that Cuba offers concrete incentives to interested Russian companies, such as the direct sale of fuel to wholesale and retail markets and the elimination of wholesale taxes on fuels.
In addition to the energy sector, Pérez-Oliva listed opportunities in tourism, transportation, mining, healthcare, biopharmaceutical industry, and infrastructure —airports, railways, and roads— as well as in the agro-food industry, particularly in the import and processing of wheat.
The Cuban vice prime minister also emphasized that both nations share experience in facing sanctions from Western countries, particularly the United States, and presented this situation as a competitive advantage for Moscow.
Russia reaffirms its commitment to Cuba
In that same forum, Russian Vice Prime Minister Dmitri Chernishenko stated that Russia will invest in Cuba despite the sanctions from the United States.
Chernishenko stated that "despite external pressure, Russian companies continue to expand their presence in Cuba and are willing to invest in long-term projects." He announced that about 90 Russian companies are interested in exporting meat, dairy, and fish products to Cuba.
The Russian official also offered solutions in information technology, cybersecurity, telemedicine, and business automation.
He concluded with a straightforward statement of intent: "Russia will continue to strengthen its relationship with Cuba. Our partnership is set to become an example of a new framework for international economic cooperation."
The deepening of Cuba-Russia ties accelerated on April 1, 2026, when the XXIII Russian-Cuban Intergovernmental Commission agreed on bilateral investments exceeding 1 billion dollars and permitted Russian companies to manage industrial facilities in Cuba, an unprecedented step that included vehicle assembly projects and joint operations at the Boca de Jaruco site.
Filed under: