Russian investors are looking to Cuba, deputy PM says

The trend could boost the Latin American island nation’s economy, according to Moscow

Russian firms are considering investing in new hotel infrastructure in Cuba, which would further strengthen the growing economic cooperation between the two countries, according to the Russian Deputy Prime Minister.

Dmitry Chernyshenko told reporters on Friday that Russia plans to increase the number of direct charter flights to Cuba soon so that its “citizens can have a year-round opportunity for a beach holiday in a friendly country.”

The announcement was made during a working visit to Cuba by Chernyshenko this week, with the official stating that relations between the two have historical significance and are not subject to political conjuncture.

“Cuba is our key partner and reliable ally in the Latin American and Caribbean region,” he said, adding “We intend to do everything possible to help the Cuban economy reach a decent level.”

According to the Russian official, mutual trade tripled last year to $452 million. It has continued to grow, increasing ninefold in the first four months of 2023 compared to the same period a year ago.

Chernyshenko has also praised the Cuban government’s decision to start accepting Russian MIR payment cards as a way to counter Western sanctions.

READ MORE: Cuba accepts Russian payment system

“We are discussing the operating format of Russian banks in Cuba and will transition to ruble-based investment in our joint projects. We hope that the Russian MIR cards will soon be accepted at Cuban resorts, which will have a positive effect on the tourism industry,” he said.

He also stressed the importance of joint energy projects, which have “strategic significance because they are aimed at strengthening the [Cuban] republic’s energy security.”

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