Visa and Mastercard card processing on Cuba to stop on June 6 after foreign bank exits Fincimex under US sanctions

A foreign bank notified Cuba’s state financial corporation Fincimex on June 2 that it is ending cooperation, and the move takes effect on June 6. Since that bank processes transactions using Visa and Mastercard cards, the shutdown matters for any PSP or acquirer watching how sanctions can cut off card acceptance in a single jurisdiction.

1. According to Cubadebate, citing the Central Bank of Cuba, the bank said that once the restrictions take effect, “further performance of agreements with the Cuban organization becomes illegal and impossible.”
2. The same report says Cuba will “not be able to receive income from the sale of goods and services” through internationally recognized Visa and Mastercard cards. The bank’s name was not disclosed.
3. Cubadebate also said card payments through Russia’s Mir payment system and UnionPay remain available in Cuba.
4. The decision was linked to US sanctions. In January, Donald Trump imposed tariffs on countries supplying oil to Cuba, which triggered an energy crisis on the island. In May, the US also sanctioned Cuban senior officials, as well as Interior Ministry and intelligence representatives.
5. Politico reported that the US is preparing for combat operations in Cuba.