📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Cuban officials return from Russia with promises of oil, renewed tourism

Published 2023-06-20, 01:50 p/m
© Reuters. FILE PHOTO: Russian Prime Minister Mikhail Mishustin shake hands with Cuban Prime Minister Manuel Marrero Cruz during a meeting in Moscow, Russia June 13, 2023. Sputnik/Dmitry Astakhov/Pool via REUTERS
USD/CAD
-
CL
-

HAVANA (Reuters) - A delegation of high-level Cuban officials wrapped up an extended visit to Russia, according to state-run media reports on Tuesday, following up on the nearly 30 trade agreements signed between the allies in Havana in May.

Longtime political allies Cuba and Russia - both subject to U.S. sanctions - have sharply increased economic ties by facilitating trade and investment to circumvent those restrictions.

The 11-day trip by Cuban Prime Minister Manuel Marrero and Foreign Vice Minister Gerardo Penalver came on the heels of a trade forum in May in which the allies agreed to work together to boost Cuba´s sugar and rum exports, assure coveted wheat and crude oil supply to the Communist-run island and overhaul crumbling tourist facilities.

"We must look for new avenues to carry out our economic relations outside the scope of ... the (U.S.) dollar, which is giving way more and more to a multipolar world, and where other actors such as China, India and Russia acquire greater relevance," Penalver told state-run media outlet CubaDebate upon returning to Havana.

Marrero met with his Russian counterpart Mikhail Mishustin as well as with Russian President Vladimir Putin in Moscow.

Communist-run Cuba has been under a wide-reaching U.S. trade embargo since shortly after Fidel Castro´s 1959 revolution. Those restrictions, reinforced by then-U.S. President Donald Trump, have contributed to a nearly unprecedented economic crisis that has led to shortages of food, fuel and medicine.

Russia is ready to supply Cuba with 1.64 million tonnes of oil and oil products annually, Russian news agencies reported last week, citing Marrero.

© Reuters. FILE PHOTO: Russian Prime Minister Mikhail Mishustin shake hands with Cuban Prime Minister Manuel Marrero Cruz during a meeting in Moscow, Russia June 13, 2023. Sputnik/Dmitry Astakhov/Pool via REUTERS

Fuel, especially, has been in short supply in Cuba since March, forcing the government to ration and prompting day´s long queues for gasoline, further crippling the economy.

Penalver said the second half of 2023 would see Russian airline Aeroflot renew flights to the island and bring 1,200 employees of Russian state-run oil firm Rosneft to relax and receive medical check-ups.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.