U.S. State Office bans business with Cuban lender BFI

WASHINGTON (Reuters) – The U.S. Condition Division on Friday included a Cuban professional bank to its restricted checklist, stating it will reduce the Cuban armed forces from benefiting from financial transactions.

The State Section positioned Banco Financiero Global S.A. in the Cuba Restricted Listing commencing in early January, contacting it “a Cuban military-managed professional lender that benefits specifically from financial transactions at the price of the Cuban people.”

By placing BFI on the listing, it bars U.S. companies from generating direct money transactions with the bank.

BFI did not immediately react to Reuters requests for remark.

“The Cuban armed forces takes advantage of BFI’s key role in international trade to give navy and state corporations preferential entry, safe useful exchange costs, and finance authorities-managed jobs that enrich the regime,” Secretary of Condition Mike Pompeo stated in a assertion.

Considering the fact that President Donald Trump took workplace in January 2017, he has rolled back a detente with America’s outdated Chilly War foe pursued by his Democratic predecessor, President Barack Obama.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. tourists from bringing residence Cuban cigars and rum or staying in governing administration-operate hotels.

Reporting by Valerie Volcovici Enhancing by Sandra Maler