Moscow is aligning the framework for how Russian banks operate in Cuba, aiming to shift project settlements toward the ruble as a core element of bilateral financial flows. This stance was outlined by Deputy Prime Minister Dmitry Chernyshenko during the opening session of the Intergovernmental Commission on Russia-Cuba Trade, Economic, Scientific and Technical Cooperation, as reported by TASS. The move signals a broader push to reduce currency risk and streamline cross border payments between the two economies, with ruble settlements envisioned as the backbone of currency exchange and transaction processing for current and future collaborations.
Chernyshenko stated that the authorities are working on formalizing the operating procedures for Russian banks in Cuba and are advancing agreements that center on ruble based projects. He emphasized a pragmatic approach to financial cooperation, noting that ruble transactions could simplify invoicing, reduce conversion costs, and improve transparency for both sides as they pursue joint ventures in sectors such as energy, infrastructure, and technology transfer. The remark comes amid a growing interest from Cuban partners in aligning more closely with Russian financial practices and settling commitments in a common, stable currency, aligning with the country’s broader economic diversification goals. The update was reported by TASS and reflects ongoing government efforts to deepen financial integration between Moscow and Havana.
Earlier this year, Cuban terminals began accepting Russian Mir payment cards, a milestone that expands consumer and merchant access to cross border payment solutions. Chernyshenko highlighted that the momentum in card acceptance is part of a spectrum of measures designed to facilitate smoother everyday transactions for Russians in Cuba and for Cuban customers using Russian payment instruments. This development is expected to pave the way for more frequent use of Russian cards in a range of retail settings, including stores, cafes, and service providers, reducing friction for travelers and business visitors alike.
Looking ahead, the government official indicated that it is realistic to anticipate payments with Russian cards in a broader set of commerce outlets in the near term. The advancement of card based payments is seen as a stepping stone toward deeper financial integration, with the aim of creating a convenient and reliable payments ecosystem that serves the needs of both markets. The practical effect would be faster settlement cycles, clearer pricing signals for bilateral deals, and greater confidence for investors evaluating joint projects in Cuba.
Meanwhile, Boris Titov, who chairs the Russian-C Cuban Council and holds a mandate from the Russian president to defend entrepreneurs’ rights, noted that several Russian banks are exploring a physical presence in Cuba. He confirmed that a number of institutions are preparing to establish local branches, with three institutions already submitting formal applications to the Central Bank of Cuba. Titov emphasized that opening branches would provide on the ground support for customers, enable closer coordination with Cuban regulators, and help tailor financial products to the needs of joint ventures. This expansion plan aligns with a broader strategy to deepen financial services collaboration and to accelerate access to banking for Russian corporate clients operating in Cuba. The developments reflect confidence in the long term viability of the bilateral economic partnership and the readiness of Russian institutions to commit resources to Havana’s market as regulatory channels and business incentives are clarified. The statements from Titov were reported in the context of ongoing dialogues between the two governments and the business community about practical steps to realize these ambitions.