Russian investors are turning to Cuba, says Deputy PM — RT Business News

Trend could boost Latin American island nation’s economy, Moscow says

Russian companies plan to invest in new hotel infrastructure in Cuba, which would further strengthen the growing economic cooperation between the two countries, according to the Russian Deputy Prime Minister.

Dmitry Chernyshenko told reporters on Friday that Russia plans to increase the number of direct charter flights to Cuba soon so that its “Citizens can have the year-round opportunity to spend a beach vacation in a friendly country.”

The announcement came during a working visit to Cuba by Chernyshenko this week, with the official saying the relationship between the two has historical significance and is not subject to political conjuncture.

“Cuba is our key partner and a reliable ally in the Latin America and Caribbean region”, he said adding “We intend to do everything possible to help the Cuban economy reach a decent level.”

According to the Russian official, mutual trade tripled last year to $452 million. It continued to grow, increasing ninefold in the first four months of 2023 compared to the same period a year ago.

Chernyshenko also welcomed the Cuban government’s decision to start accepting Russian MIR payment cards as a way to counter Western sanctions.

Cuba accepts Russian payment system

“We are discussing the operating format of Russian banks in Cuba and will switch to ruble-based investments in our joint projects. We hope that Russian MIR cards will soon be accepted in Cuban resorts, which will have a positive effect on tourism industry, he said.

He also stressed the importance of joint energy projects, which have “strategic importance because they aim to strengthen the energy security of the (Cuban) republic”.

For more stories on economics and finance, visit RT’s business section

You can share this story on social media:


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button