NewsRussian business influx in Cuba amid economic struggles

Russian business influx in Cuba amid economic struggles

Russians invest in Cuba
Russians invest in Cuba
Images source: © PAP | PAP/EPA/GEORGY SISOYEV / SPUTNIK / KREMLIN POOL
3:15 PM EDT, March 19, 2024
In Cuba, which is grappling with economic challenges, the presence of Russian businesses is becoming increasingly prominent. This development was reported by the state-run press agency, Prensa Latina, on Monday. It highlighted that, since the start of 2023, Russians have launched approximately 100 new companies in the Caribbean nation.
The Cuban authorities estimate that these Russian-owned enterprises predominantly operate in the energy sector, heavy industry, and banking, according to the agency. The investments made by Russians in 2023 have also extended to other areas including tourism, agriculture, and information technology.
During a meeting in Moscow on Friday, Cuban Minister of Foreign Trade and Foreign Investment Ricardo Cabrisas was reassured by Russian Deputy Prime Minister Dmitry Chernyshenko about the continuation of Russian business ventures in Cuba. The investments made by them in 2023 were described by the Kremlin official as "significant."

Further investments in Cuba

Chernyshenko revealed to Prensa Latina plans to open another credit line for Cuba soon. This will aim to stabilize the supply of oil, petrochemical products, grain, and fertilizers.
The surge in Russian economic activities in Cuba comes amid one of the island's most severe economic crises since the revolution ended in 1959.
On Sunday, protests erupted in various locations across Cuba. The largest demonstrations occurred in the cities of Santiago de Cuba and Bayamo, where residents voiced their demands for the restoration of electricity and an improvement in the availability of food in stores. According to independent media, arrests were made at both protests.
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