The Russian bank Novikombank, a member of the state-owned corporation Rostec, made history this Thursday by inaugurating its first branch in Havana, Cuba. This move is part of an economic project agreed upon by the governments of both countries.
According to the agency EFE, the bank will focus on financially supporting Russian companies operating in Cuba in sectors such as aircraft construction, engine manufacturing, automobile production, oil extraction, and the radioelectronics industry. Additionally, the institution aims to ensure the stability of payments between Russia and Cuba, as well as provide banking support to economic and trade relations and investments.
The Spanish media outlet also reported that Novikombank believes the opening of this office will enhance interactions with both existing and potential Cuban banks and clients. Yelena Geórguieva, president of the institution, stated that this event "is not only a new stage for the bank but also a significant step in Russian-Cuban relations."
Although these cards can only be used by their citizens, it is worth noting that Russia activated access to MIR bank cards—the Russian alternative to Visa and Mastercard—in Cuban payment terminals last December. The Cuban regime reported that by the first week of May, over 67,000 transactions had been made using MIR. Managed by the Russian National Card Payment System (NSPK), this payment system has become an essential tool for Russian visitors, facilitating access to a variety of services and products on the island.
The Cuban government estimates that over 200,000 Russian tourists will visit the country this year. "The influx of travelers currently exceeds the record numbers from 2019, with more than 184,000 visitors," stated Juan Carlos García Granda, Minister of Tourism, during the International Tourism Fair (MITT) in Moscow.
Amid a severe economic and social crisis, the administration of leader Miguel Díaz-Canel is attempting to attract tourism from the Eurasian nation with packages that include excursions, particularly nautical ones, which are among the favorites of tourists from Russia. As of 2023, Russia ranks as the third-largest source of visitors to Cuba.
Frequently Asked Questions about Novikombank's Branch in Cuba
Here are some common questions and answers regarding the recent opening of Novikombank's new branch in Cuba, its implications, and related economic activities.
What sectors will Novikombank support in Cuba?
Novikombank will support sectors such as aircraft construction, engine manufacturing, automobile production, oil extraction, and the radioelectronics industry.
Who is managing the MIR bank card system?
The MIR bank card system is managed by the Russian National Card Payment System (NSPK).
How many Russian tourists are expected to visit Cuba this year?
The Cuban government estimates that over 200,000 Russian tourists will visit the country this year.