Cuba will suspend transactions with Visa and Mastercard amid US sanctions

Mastercard is accused of charging excessive fees.
Reuters
Cuba will suspend transactions with Visa and Mastercard cards starting this Saturday (6), the Caribbean country's Central Bank said on Wednesday, citing sanctions imposed by the United States.
According to the Cuban Central Bank, the foreign bank that previously processed credit card transactions decided to limit its operations following a US decree on May 1, which considerably expanded sanctions on trade with Cuba.
Now on g1
"As a result of this decision, Cuba is unable to receive revenue from the sale of goods and services through internationally recognized cards such as VISA and MASTERCARD," the central bank said in a statement.
The U.S. decree has sparked an exodus of companies from Cuba in recent weeks, including hotel companies, airlines and global shipping companies, as foreign investors seek to distance themselves from U.S. government-sanctioned institutions on the island.

Source: G1