US Sanctions Bite Hard: Cuba Loses Visa and Mastercard Access

Cuba will lose access to Visa and Mastercard transactions starting this Saturday, June 6th, as U.S. sanctions force a foreign financial partner to sever ties with the island.

Cuba’s Central Bank confirmed the suspension on Wednesday and linked it directly to a US executive order signed by President Donald Trump on May 1st that significantly expanded sanctions on commerce with Cuba. The order targeted Fincimex, a financial arm of GAESA, a military-run conglomerate that controls much of Cuba’s most profitable industries, including tourism, remittances, and logistics.

The Trump administration says GAESA secretly funnels profits to the military and Cuban elite. Cuba denies the claim.

“Cuba is unable to receive income from the sale of goods and services through internationally recognised cards such as Visa and Mastercard,” the Central Bank said in a statement.

The move is the latest in a string of economic blows. In recent weeks, foreign hotel companies, airlines, and global shipping firms have pulled out of Cuba to avoid falling foul of U.S. sanctions.

For ordinary Cubans and tourists on the island, the only payment options remaining will be cash, domestic prepaid cards, and international cards from Russia’s Mir and China’s UnionPay networks.