January 27, 2022

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Removing the Cuban Military’s Grip from Cuba’s Banking Sector

9 min read

Michael R. Pompeo, Secretary of State

Today, the Department of State is announcing the addition of Banco Financiero International S.A. (BFI) to the Cuba Restricted List, effective upon publication in early January. BFI is a Cuban military-controlled commercial bank that benefits directly from financial transactions at the expense of the Cuban people. 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. The profits earned from these operations disproportionately benefit the Cuban military rather than independent Cuban entrepreneurs, furthering repression of the Cuban people and funding Cuba’s interference in Venezuela.

President Trump has made it clear that he stands with the Cuban people in their longstanding struggle for freedom and against the communist regime in Havana. Adding BFI to the Cuba Restricted List furthers the Administration’s goal of preventing the Cuban military from controlling and benefiting from financial transactions that should instead benefit the Cuban people.

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