Amid competing narratives on whether an upcoming Biden Administration would renew a sophistication in relationships with a raft of far-left Central American countries as it had been during the end of Obama-era in 2016, in a last-ditch attempt to ratchet up tensions further in the region, an incumbent Trump Administration, scheduled to be erased from the White House by January 19, had blacklisted a Cuban Commercial Bank citing that the move would bar financial transactions for the Cuban military, accountable for roughly 4 per cent of entire economic activities in the Caribbean island nation.
In point of fact, according to a statement from US State Department released late on Friday, the State Department had inclined a sanction on Banco Financiero International SA (BFI) which would be effective from early-January, while any individual or financial entities having had operations with BFI, would be subject to US restrictions as well.
US blacklists Cuban Commercial Bank
Aside from that, the restriction on BFI in effect would also prevent American nationals alongside companies from making direct financial transactions with the Cuban lender. Nonetheless, while being asked about the issue, a spokesperson for Banco Financiero International had declined to comment over the subject-matter citing an upscaled sensitivity.
On top of that, addressing the lender as a direct arm of financial transaction for Cuban military, US state Department said in the statement, “…(BFI) has been a Cuban military-controlled commercial bank that benefits directly from financial transactions at the expense of the Cuban people”.
Meanwhile, neither detailing the issues of deep discontent, nor having been able to submit any kind of solid piece of evidence, US Secretary of State Mike Pompeo said in a statement late in the day, “The Cuban military uses BFI’s key role in foreign exchange to give military and state companies preferential access, secure advantageous exchange rates, and finance government-controlled projects that enrich the regime.
” Since taking over the Oval office back in the 2017s, Trump had inclined a number of sanctions on Cuba alongside one of its closest allies Venezuela, largely aimed at ousting its military-backed socialist Government of Nicolas Maduro, warding off an advancement in connexion achieved under the terms of Obama Administration.