According to an article in Russia Briefing, several Cuban banks in Havana are now accepting the Russian MIR payment cards. A MIR card is much like a Visa or Mastercard debit/credit card but becoming the most popular payment system in the Federation.
ATMs now display the MIR card logo alongside the others and provide an option to withdraw funds from a customer’s bank account in Russia. The ATM machine delivers the cash withdrawal in Cuban Pesos, at an exchange rate of approximately 1 to 1.5.
The launch of the MIR cards will have a significant impact on the flow of Russian tourists to the Island. Cuba is a popular vacation destination for Russian tourists seeking the Caribbean sun, sand and sea.
Russian visitors will now be able to access their bank accounts in Russia while on holiday.
Since last December, direct flights from Russia to Cuba are also available for travelers.
In 2022, over 54,000 Russian tourists visited Cuba, a decline from 2021. However, with the availability of direct flights and the convenience of a MIR bank card, the number is expected to climb.
In a recent interview with RIA Novosti on the launch of the MIR card, the Russian Ambassador to Havana Andrei Guskov said,
“According to the Cuban side, work on the launch of the Mir payment system is nearing completion. Its use should have a positive effect in increasing the flow of Russian tourists to the island.”
Mir cards are now accepted by partner banks in a number of other nations including: Abkhazia, Armenia, Belarus, Vietnam, Kazakhstan, Kyrgyzstan, Tajikistan, South Korea, and South Ossetia.
It would appear that the rest of the world, in addition to Russia, is launching their own payment solutions. It signifies a case of extreme global fatigue syndrome with US sanction policy, an unjust policy which affects international trade and the monetary system.
“We are successfully implementing independent settlement mechanisms that will protect cooperation with Cuba from the negative impact of the trade, economic and financial blockade by the United States, as well as establish ties, bypassing financial organizations of unfriendly states,” Ambassador Guskov said.
In January, Boris Titov, chairperson of the Russia-Cuba Business Council, said that to mitigate the effect of Western sanctions, the parties are considering new mechanisms for mutual settlements – in rubles and cryptocurrencies, as well as clearing schemes.
From our staff writers and editors.
