Published：Jun 3, 19:20Last updated：Jun 6, 16:12

Cuba Faces Financial Isolation as Visa and Mastercard Exit

Jun. 3, 2026 19:20

Visa and Mastercard payments in Cuba will be suspended starting June 6, 2026, due to U.S. sanctions, as announced by the Central Bank of Cuba.

Summarized

8News

6Media

Jun. 5, 2026 06:49

European companies are hastily winding down their operations in Cuba due to the risk of asset freezes and exclusion from the US financial system. The US has expanded sanctions against Cuba, including President Miguel Díaz-Canel and his family members. The situation has led to fuel shortages, affecting electricity, transport, food production, healthcare, and education on the island.

Jun. 6, 2026 16:12

The US ultimatum to international businesses operating in Cuba expired on Saturday, forcing a mass exodus from the island due to maximum pressure policies from the White House. Companies worldwide were given until June 5 to cease dealings with Cuban businesses and its government. Sanctions were intensified against Gaesa, a conglomerate controlled by the Cuban military, leading to credit card payments being suspended and tourism suffering. Air Canada and Sunwing suspended flights, while hotel chains like Blue Diamond closed 62 hotels. CMA CGM and Hapag-Lloyd also halted freight deliveries, worsening import challenges.

Cuba's financial landscape faces unprecedented disruption as Visa and Mastercard suspend operations due to U.S. sanctions, effective June 6, 2026. The Central Bank of Cuba declared these payment methods "illicit," forcing reliance on cash and alternative systems like Russia's Mir cards. This development marks a significant escalation in Cuba's economic isolation, with immediate impacts on tourism and foreign trade.Russian Gazette+2

💳 Payment System Collapse

The suspension leaves Cuban businesses and tourists dependent on cash transactions or limited alternatives from Russia and China. Major hotel chains have begun withdrawing services, while international shipping companies CMA CGM and Hapag-Lloyd halted freight deliveries. The Mir card system, promoted by Cuban Vice Prime Minister Oscar Pérez-Oliva Fraga, emerges as the primary non-cash alternative.Tagesschau.de+2

🏨 Tourism Industry Crisis

Blue Diamond Resorts closed 62 properties, and airlines including Air Canada and Sunwing suspended flights. The payment restrictions coincide with fuel shortages that disrupt electricity, transportation, and food distribution. Havana's tourist revenue, which accounted for 10% of GDP in 2025, faces catastrophic decline as U.S. sanctions deter Western visitors.Radio-Canada+1

🌐 Geopolitical Fallout

Washington's sanctions now directly target President Miguel Díaz-Canel and military conglomerate Gaesa. European companies are divesting to avoid U.S. secondary sanctions, creating a domino effect across Cuba's import-dependent economy. The White House's June 5 ultimatum accelerated the exodus of foreign businesses, deepening Cuba's reliance on Russian and Chinese financial systems.RIA Novosti+1

GaesaMiguel Díaz-CanelMir payment cardsCentral Bank of CubaOscar Pérez-Oliva Fraga