Cuba and Russia analyze financial support system of regional body
The volume of payments with Mir cards grows in Cuba
Cuba and Russia strengthen strategic economic-commercial relations
According to the document cited by Sputnik, the main direction of Novikom’s activity in the Cuban sphere will be financial support for the promotion of national companies in the industry on the island.
“The opening of the Novikom branch in the Republic of Cuba is not only a new stage for the bank, but also an important step in Russian-Cuban relations,” stressed the president of the bank’s Board of Directors, Elena Georgieva.
The executive assured that the experience in effective banking services for high-tech companies of Novikom – a subsidiary of the state corporation Rostec – will be useful to finance promising Russian projects and guarantee transactions between both countries.
Novikom is a member banking entity of the Russian-Cuban Intergovernmental Commission and will facilitate business interaction between the two nations in the sectors of tourism, transportation, air navigation, energy and more.
Together with the three main financial entities on the island, Novikom carries out commercial payment transfer operations, operations with banknotes, currencies and documents in trade between Russia and Cuba.
The statement adds that this step will contribute to guaranteeing stable transactions, as well as banking support for commercial, economic and investment ties.
This is based on the long relationship between Moscow and Havana, its development potential, and the considerable increase in government cooperation.
Cuba, he continues, is an attractive destination for Russian tourists and since December 2023 the Mir payment system has been fully operational on the island.
At the same time, it stands out that during the 21st session of the Russian-Cuban Intergovernmental Commission for economic-commercial and scientific-technical cooperation held in March 2024, the Cuban Deputy Prime Minister, Ricardo Cabrisas, reiterated Havana’s interest in opening branches of Russian banks on its territory.
Novikom, founded in 1993, is among the 20 largest banks in Russia, with high solvency and reliability ratings with a stable outlook and offers a full range of banking services in all segments of the financial market.
The priority direction of its activities is the financing of domestic industrial enterprises in high-tech sectors, as well as being a professional participant in the securities market and a member of the deposit insurance system, he concludes.
The opening of the Russian branch in Cuba joins other initiatives in this area. The day before, both nations exchanged on the financial support mechanism in the industrial sphere, recently approved by the members of the Eurasian Economic Union (EEU).
Regarding Cubaindustria, Cuban businessmen and UEE officials, from Moscow, addressed in detail the steps to materialize financial support projects in the industrial sphere, whose final ratification took place on June 7.
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