Several Russian banks were eyeing expansion into Cuba, with three institutions submitting formal requests to the Central Bank of the Republic for permission to open branches. The reports originated from a statement carried by the TASS news agency, quoting Boris Titov, head of the Russia-Cuba Council and the Commissioner for the Protection of Entrepreneurs’ Rights, regarding developments observed during the Russian presidency period.
The Cuban authorities reportedly confirmed their interest in allowing Russian banks to establish a presence on the island. Titov noted that the Central Bank of Cuba had already received three applications from Russian financial institutions, signaling a potential shift in bilateral financial cooperation and a broader economic collaboration between the two nations.
Beyond banking, Moscow and Havana discussed the creation of joint credit entities designed to finance small and medium-sized enterprises in Cuba. Titov highlighted a growing entrepreneurial community on the island and emphasized the need for professional banking services to support local business development, lending confidence to a more structured financial ecosystem for Cuban entrepreneurs.
In related educational collaboration, Andrey Korneev, who served as Deputy Minister of Education of Russia in the first half of May, announced the plan to open a Russian language teaching center in Havana. This initiative would bolster cultural and linguistic ties between the two countries, complementing the broader economic and institutional cooperation agenda.
On the political side, Esteban Lazo Hernandez, president of Cuba’s National Assembly, expressed gratitude for Russia’s support and cooperation during the global pandemic, particularly in the context of Western sanctions and the health crisis. The acknowledgment underscores a sustained political partnership that extends beyond immediate economic interests and into long-term strategic alignment between Moscow and Havana, as observed through public statements and official exchanges reported by Russian and Cuban sources.