Russia is betting big on Cuba as it courts alternative economic partners [Video]

Russia has set its sights on broader economic and trade ties with Cuba.

Over 100 Russian companies have started operations in Cuba over the past year, Dmitry Chernyshenko, a Russian deputy prime minister, said on Friday, according to TASS state news agency.

The companies are involved in various sectors including heavy industry, energy, banking, agriculture, IT, and tourism, Chernyshenko said at an intergovernmental meeting between Russia and Cuba. He did not name any companies.

Some Russian banks are also considering opening representative offices in Cuba, Chernyshenko added. He did not name any banks but said the rollout of Russia’s Mir card in Cuba last year was a milestone.

The developments will boost bilateral trade, he said.

“Cuba is a reliable Russia’s ally,” said Chernyshenko, according to an online post by the Russian government. “Today’s meeting confirms the policy of strengthening Russian-Cuban relations.”

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