Bank of Ireland Freezes Cuba Transfers


HAVANA TIMES — The Bank of Ireland began to prevent all financial transfers to Cuba in recent weeks because of a business relationship with a US bank, reported the Irish Times newspaper.

In a statement, the bank confirmed that it would no longer facilitate transfers to Cuba, in one more case of how third parties are affected by the US embargo on the island.

A leading bank in the USA is the one who handles all the movements in the Single European Payments Area, and “it has to meet its own needs and regulatory obligations and avoid possible exposure to penalties and sanctions,” said a Bank of Ireland spokeswoman.

Neither Ireland nor the European Union have imposed restrictions on trade with Cuba, but banking institutions are victims of the extraterritorial character of the US sanctions against the island.

6 thoughts on “Bank of Ireland Freezes Cuba Transfers

  • Silly comment. Have you been paying attention to the economic activity of the BRICS (including South Africa) countries? But if you really believe what you wrote, go ahead and invest in the ruble currency. You also may want to check into Brazilian inflation before you buy real estate in Brasilia. Anti-US commenters will say anything to make their point, I guess.

  • Cuba doesn’t have money but it does have international debt – don’t think that those Yutong buses and Geely cars are purchased with money – they are on credit. However there are Cubans with money and inparticular a family named Castro Ruz. Rafin SA (Raul & Fidel) paid over $700 million to acquire the Italian sharereholding in ETECSA, and Gaviota is controlled by General Rodriguez, son-in-law of President Raul Castro Ruz.. Gaviota has more than 25% of the hotel rooms in Cuba and plans to build another 14,000 in 2015-2017. Ask yourself what Cuba is producing to sell to the rest of the world? The volume of imports through Mariel will far exceed any exports.

  • So what? Cuba can make business with the rest of the world. They also have money and can paid for our friendship.

  • Hardly Earth shattering given the Bank of Ireland’s fiscal state over the past few years. Continually being bailed out by Angela Merkel’s Eurozone. The mentality of the US Government leaves a lot to be desired, but once BRIC gathers pace, Brasil, Russia, India and China will make the US Dollar equivalent to Monopoly currency.
    Yet another fine example of the US cutting its nose off to spite its face.

  • Looking back over the vast experiences of the Cuban Leaderships ability to break down these kinds of barriers , consider it an opportunity to show the world that Cubans although hungry , can survive on god alone. My personal situation includes
    many obstacles where god has made the difference and so I feel obligated to pray
    and patiently wait for the solution , possibly similiar to this predicament.
    I have so much Cuban culture here and the support of close nieghbors like Russian
    nationals , Chinese nationals , and even Cubans. I feel their support along with
    many fine crafted original Cuban art and even a Chez calender and the best shoes
    from Cayo SantaMaria, to make me feel that, I am in Cuba, even here. Although some distance away from Havana my mementos and other links provide me inspiration when I need it so Cuba is always in my heart.
    This Bank is spineless.
    They and their patriots are missing out on a great opportunity to feel what I have and do feel daily a great love and admiration of the miracle which is Cuba.

  • Cuba has its own BIG BROTHER and little brother. But the USA makes the mistake of similarly acting like big brother and by so doing degrades itself in the eyes of many of its allies.

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