400 western union offices in Cuba to close as US imposes new sanctions

Thursday, 29th October 2020

Cuba: In the face of growing American financial limitations on Cuba, more than 400 Western Union offices on the island will shut down, Cuban officials stated that this move could critically limit the flow of payments from overseas and worsen a serious economic disaster that has led to extensive food deficiencies on the island. Fincimex, a Cuban military-controlled entity that works as Western Union’s representative on the island, declared the proposed closings on Tuesday after the Trump government took measures to prevent the transferal of money through firms affiliated with the country’s military. Fincimex treats much of the payment money, billions of dollars a year that make up a notable portion of the Cuban economy. Western Union announced it was “examining ways to comply with the new customs,” which take impact in late November, figuring that services within the United States and Cuba would proceed to operate for now. Fincimex announced the new arrangements were politically motivated and would hurt the Cuban people. “Arranging so in the middle of a pandemic indicates cynicism, hatred for the Cuban people and the exploitation of the American government,” the firm said in a statement. The limitations were the newest effort by the Trump administration in its offensive campaign to push back the American détente with Cuba and the policy of engagement created by President Barack Obama. But the timing, coming days before the American presidential election, is no eventuality, analysts assumed.