https://harici.com.tr/abd-yaptirimlari-sonrasi-yabanci-sirketler-kubadan-cekiliyor/
Foreign companies withdraw from Cuba after US sanctions
After the US expanded its sanctions against GAESA and FINCIMEX, international companies began to reduce or end their activities in Cuba. With the cessation of the use of foreign bank cards, the country has lost a significant part of its connection with the global payment infrastructure.
After the US tightened sanctions and the Visa and Mastercard transactions actually stopped, international companies began to rapidly reduce their activities in Cuba.
According to the statement made by the Central Bank of Cuba on June 6, foreign debit cards belonging to the Visa and Mastercard systems are no longer available in the country.
In the statement, it was stated that one of the key foreign bank partners who connected the island with the global payment infrastructure terminated his contract with Cuban FINCIMEX SA.
The decision came after US President Donald Trump's decree expanding sanctions against the military holding GAESA, which controls a significant part of the country's economy. Washington has given international business partners time to terminate their relationship with GAESA and FINCIMEX until June 5, warning that otherwise they may risk losing access to the U.S. financial system.
The bank in question preferred to withdraw from the agreement. After that, Cuba lost the opportunity to technically execute card transactions and officially stopped accepting cards belonging to foreign banks.
According to The Wall Street Journal, large hotel operators are among the companies that have reduced their presence on the island. Spanish Iberostar and Meliá withdraw from the management of numerous facilities.
Meliá decided to close 15 hotels and Iberostar decided to close 12 hotels. The companies justified this decision with energy problems, the decrease in demand and the changes in the international regulatory environment.
Canadian Royalton Hotels & Resorts also stopped its activities completely, citing the decrease in the number of tourists. Another important development was the suspension of Canadian Sherritt International, which has been nickel and cobalting in eastern Cuba for more than 30 years, and withdrew its staff. It was stated that the company is concerned about secondary sanctioning risks due to its links with GAESA.
Cuban economist Ricardo Torres, who works at the American University, described what happened as "a turning point" and a "serious blow to the already weakened economy" in his assessment of The Wall Street Journal.
While it was stated that another factor that aggravated the situation was the fuel crisis, it was reported that some large airline companies canceled their flights to Cuba due to the shortage of aviation fuel.
US pressure has continued to increase in recent months. Donald Trump signed a decree targeting GAESA in May. Then, on June 4, Cuban President Miguel Diaz-Canel took a sanction decision against members of his family and various organizations.
US Secretary of State Marco Rubio warned that companies serving people and organizations sanctioned may also face restrictions.
According to The Wall Street Journal, the problems in the Cuban economy are also deepening during the period of these developments. While hundreds of thousands of Cubans leave the island, there are disruptions in the public transport system. Farmers have difficulty transporting their products, power outages are getting frequent, and the unofficial market of the Cuban peso has fallen to 620 against the dollar.
Cuban expert Ted Henken said, "We can describe this as a double coup. There is a stranguction policy that the Trump administration is gradually but steadily implementing," he said.