The Central Bank of Cuba announced that the foreign private entity that offered Visa and Mastercard financial services has decided to end its relationship with Fincimex, its Cuban counterpart, which is part of the military conglomerate GAESA. Four hotel chains had done it before. The deadline to avoid being subject to sanctions by the United States expires on June 5. The countdown to the Cuban collapse is also close to a point of no return.

First modification: 06/04/2026 - 20:57 Last modification: 06/04/2026 - 21:14

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Cuba's main industry, tourism, is virtually doomed. On June 3, two days before the deadline set by the United States to evade sanctions, it was learned that Visa and Mastercard will stop operating on the island, but the decision not only involves foreign visitors, but also many other financial operations in a country that is collapsing.

The foreign private bank that offered the financial services that allowed payment with these cards decided to end its relationship with Fincimex, a subsidiary of the military conglomerate GAESA, which is targeted by US pressure.

The outage went into effect at 2 p.m. on Wednesday (local time), thus giving the deadline for June 6 to meet the 72 hours that it regularly takes for international transactions to become effective through point-of-sale terminals, and putting an end to 32 years of joint operation.

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In this way, the entity in question (whose name was not revealed) also met the deadline set by the executive order signed on May 1 by President Donald Trump, which reinforced sanctions against Cuba, expanding them to companies that did business with figures of the island's political leadership.

When GAESA was included on the list of designees on May 7, any entity that had relationships with its multiple subsidiaries (in businesses as diverse as tourism, retail, the military industry, and sending family remittances) became subject to secondary sanctions.

The executive order brought with it such serious consequences as freezing the assets of foreign companies, seizure of their accounts in the United States and travel bans for their shareholders, investors and employees, practically eliminating their activity in the US financial system.

"This interruption is directly related to Executive Order No. 14404 of May 1, issued by the president of the United States of America, Donald Trump, as part of his strategy of suffocation against the people of Cuba," said the Central Bank of Cuba in the statement that reported on the end of Visa and Mastercard activities.

"Cuba is unable to receive income as a result of the commercialization of goods and services through international cards with proven reach such as Visa and Mastercard," added the issuing entity.

The departure of these means of payment means for Cuba the end of any financial connection with the outside world, so that in addition to tourism and electronic commerce, the receipt of family remittances will be affected.

Read alsoMeliá is also leaving Cuba: is fear of sanctions eroding the island's tourism industry?

Cascade goodbyes: the island goes out

The departure of Visa and Mastercard joins that of the four main hotel chains that operated in the country: the Spanish Meliá and Iberostar, the Canadian Blue Diamond and the Indonesian Archipelago International, the largest group in this sector in Southeast Asia, which operated six accommodations on the island.

The Asian was the latest to join the stampede, announcing his withdrawal on Wednesday due to a "global situation (that) is uncertain for now," as noted by his communications director, Sari Purbaningrum.

That same day, he dismantled the sign of the Grand Aston, which operated in front of the Havana boardwalk, and specified that "the hotels will no longer be part of the Archipelago International catalogue, will stop using the Aston brand and will not participate in any group program."

All chains have specifically canceled the operation of the establishments that they managed jointly with Gaviota S. A., the tourism subsidiary of GAESA, which means that Meliá divested itself of 15 of the 34 hotels it managed on the island.

A similar solution was applied by Iberostar, which will maintain operations with Cubacan and Caribe, both hotel companies dependent on the Ministry of Tourism, but will leave those that involve links with GAESA.

Meliá's departure not only means that the local tourism industry will not be able to continue offering the 14,000 rooms that the chain made available through its hotels, but it will jeopardize thousands of jobs for Cubans who worked in accommodations and other services derived from tourism.

Lee Schlenker, an associate researcher in the Global South program at the Quincy Institute (a Washington think tank), told the AP agency that the departure of these chains will have "big implications for the Cuban people, not just for GAESA. There are thousands of Cubans who work in these hotels."

The tourism sector was already in crisis before these sanctions, largely due to the deterioration of the energy infrastructure, which has been aggravated by the oil blockade imposed by the United States, forcing Cubans to spend several hours a day without electricity service.

In 2025, the island received 1.8 million foreign visitors, the worst number since 2002, not counting the years of the pandemic, and so far in 2026 the decrease has been 55.8% compared to the same period of the previous year.

"It's going to affect us, our families and everyone involved in tourism. Our salary and income depend on this," Erich López, who drives a classic car for tourists, told AP as a way to support his family.

Spanish business groups had invested 541 million dollars in Cuba between 1993 and 2024, according to the latest data from the Spanish public business entity for the promotion of foreign investment ICEX, but now they are withdrawing their businesses on the island, so as not to risk US sanctions.

Additionally, several airlines, including Air France and Iberia, have canceled their flights to and from Cuba, due to lack of fuel.

But at the same time, Canadian miner Sherritt International changed its plans to dissolve its stake in a joint venture with Cuba, and announced a non-binding agreement to allow a majority stake in Gillon Capital LLC, a family company linked to a former Donald Trump adviser, Ray Washburn.

Read alsoWhat is GAESA, the business conglomerate that "controls" the Cuban State?

Sanctions based on “rumors and defamation”

The spokesperson for the Chinese Foreign Ministry, Mao Ning, accused Washington this Thursday of using “rumors and slander” to justify the siege against Cuba, after Secretary of State Marco Rubio accused the island's government of hosting Chinese and Russian intelligence facilities.

In a press conference, Mao pointed out that "making excuses and spreading rumors and slander" cannot serve to justify the "brutal blockade" and "illegal sanctions" that the White House has imposed on Cuba.

Por su parte, el vicepresidente del Gobierno español, Carlos Cuerpo, informó que Madrid mantiene un “seguimiento estrecho” sobre las decisiones de la Administración Trump sobre Cuba, con el objetivo de “minimizar” el impacto en los negocios españoles presentes en la isla.

More than 70 of the 100 administration contracts approved for foreign companies in Cuba correspond to Spanish capital.

Body, who is also Minister of Economy, Commerce and Business, stated that the Spanish Government maintains a "permanent dialogue" with its companies to "help and accompany them at this time."

Read alsoThe Blue Diamond hotel chain leaves Cuba amid the energy collapse and pressure from the US.

With EFE, AP, Reuters and local media

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