Russia’s Novikombank Opens in Havana

Russia’s Novikombank, a subsidiary of the Rostec company, officially opened in Havana. The move is a step to strengthening and securing financial exchanges, despite the threat of U.S. sanctions.

The opening of the bank is a significant step in relations between Cuba and Russia, said the head of the commercial office, Serguei Baldin.

In speaking with Russian and Cuban business people and Deputy Prime Minister Ricardo Cabrisas, Baldin considered the opening of Novikombank will contribute to the development of an independent financial infrastructure, amid sanctions conditions.

He estimated that this was a first step in the reinforcement of interbank cooperation.

The bank’s presence offers hope for fulfilling development and investment projects in various spheres in the future. It also offers confidence to Russian businessmen to operate in Cuba, Baldin added.

Novikombank representatives stressed that this financial structure has provided 30 years of support to Russian industry in sectors such as machinery and aircraft construction, energy, metallurgy, car and ship manufacturing, among others.

Novikombank has been working directly with three main financial entities in Cuba for eight years, but now will have a direct representation on the island.

(Information source: CubaDebate