Central Bank of Cuba reviews U.S. sanctions impact on banking and points to digital payments as the most viable option

The Central Bank of Cuba published a review of how U.S. economic, commercial and financial sanctions have affected Cuba’s banking and financial system, presenting the measures as a sustained restriction on the country’s access to international payments, funding and financial counterparties. The article argues that the cumulative effect has been exclusion from U.S. dollar use, reduced access to foreign banks and payment infrastructure, and increasing disruption to remittances and cross-border commerce. Against that backdrop, it identifies further development of digital payments in domestic monetary circulation as the most viable option. The review highlights constraints on access to the SWIFT network and correspondent relationships, stating that 20 foreign banks canceled SWIFT RMA messaging codes with Cuban counterparts and that 106 banks either canceled or declined to open SWIFT messaging keys. It also cites the extraterritorial effect of U.S. sanctions, including banks’ refusal to process transactions or letters of credit involving Cuba, and quantifies monetary-financial damage at USD 538.3 million between April 2017 and March 2018 and more than USD 280.2 million in 2022-2023. On remittances, it says the inclusion of FINCIMEX on the Office of Foreign Assets Control restricted entities list in June 2020 led to delays, including an eight-day remittance crediting period for AISREMESASCUBA.com, while previously confirmed June 2026 plans by Visa and Mastercard to cease operating in Cuba are presented as a further loss of external payment channels affecting tourism, trade and other services.