October 3, 2022


Who is Business

U.S. Condition Department bans small business with Cuban lender BFI

1 min read

WASHINGTON (Reuters) – The U.S. Condition Section on Friday included a Cuban professional lender to its restricted record, stating it will protect against the Cuban armed forces from benefiting from financial transactions.

The Point out Division placed Banco Financiero Intercontinental S.A. in the Cuba Restricted Record beginning in early January, contacting it “a Cuban army-controlled industrial bank that benefits directly from financial transactions at the expenditure of the Cuban persons.”

By placing BFI on the listing, it bars U.S. providers from creating immediate financial transactions with the financial institution.

BFI did not promptly answer to Reuters requests for remark.

“The Cuban armed forces employs BFI’s important part in international exchange to give armed forces and state companies preferential obtain, safe beneficial trade fees, and finance governing administration-controlled tasks that enrich the regime,” Secretary of State Mike Pompeo stated in a assertion.

Considering the fact that President Donald Trump took office in January 2017, he has rolled again a detente with America’s outdated Chilly War foe pursued by his Democratic predecessor, President Barack Obama.

The Trump administration has also barred U.S. vacationers from bringing dwelling Cuban cigars and rum or remaining in govt-operate hotels.

Reporting by Valerie Volcovici Modifying by Sandra Maler