Cuba accepts Russian payment system — RT Business News

Cuban banks have started accepting MIR cards, the Russian alternative to Visa and Mastercard, the payment system announced on Tuesday.

Several banks in Havana have installed ATMs displaying the MIR system logo and offering the possibility of withdrawing money using Russian bank cards in Cuban pesos.

“The MIR payment system continues to work to expand card acceptance in friendly countries, including Cuba”, noted the network’s press service, adding that it is now focusing on transactions using MIR cars in Cuban shops, restaurants and other outlets.

Russia launched direct flights to Cuba in December, as the Caribbean country is a popular destination for Russian tourists. Moscow and Havana are seeking to strengthen their economic ties, with the opening of a Russian trading house in the Cuban capital.

Russia began developing its own national payment system when the United States targeted the country with sanctions in 2014. Last year, as Moscow was hit with new sanctions in response to its military operation in Ukraine, including blocking many Russian banks from SWIFT, the government started promoting the national system as a reliable alternative. The Russian SPFS ensures the transfer of financial messages between banks inside and outside the country.

For more stories on economics and finance, visit RT’s business space

You can share this story on social media:

Leave a Comment