The agreement was signed on the sidelines of the Russia-Cuba Intergovernmental Commission for Trade, Economic, Scientific and Technological Cooperation

Photo: NOVIKOM

A Rostec’s subsidiary bank has signed agreements with the Central Bank of Cuba and two major Cuban commercial banks. The documents imply that settlements will be made in rubles using the accounts at NOVIKOM.

The agreements on settlements in rubles will expand the list of Cuban financial organizations that will be able to make payments in rubles using the accounts at NOVIKOM. NOVIKOM has previously provided an opportunity to make payments between legal entities of the two countries, and enabled its retail customers to make bank transfers in rubles to persons in the island country. In December last year, Rostec’s bank launched bank transfers to the Republic of Cuba via a mobile application. 

Also in 2024, NOVIKOM was Russia’s first bank to open its representative office in Cuba. This decision was positively evaluated by the Russia-Cuba Intergovernmental Commission co-chaired by Dmitry Chernyshenko, Deputy Prime Minister of the Russian Federation, and Ricardo Cabrisas, Deputy Prime Minister of the Republic of Cuba. 

NOVIKOM has been cooperating with Cuban banks since 2016 providing settlement interaction between various companies of the two countries in travel, transport and energy sectors and other business areas. Over the past year, payments for goods and services using Cuban bank accounts increased by 42%.