- Western Union will have to cease its operations along with 407 offices in response to the sanctions imposed on the 27th of October 2020.
- The US Treasury Office of Foreign Assets Control (OFAC) put the sanctions in place.
- Cuba Government is putting pressure on the Western Union due to USA sanctions which prevent citizens from sending money to members of the Cuban Military.
Western Union to cease operations
Western Union will have to cease its operations along with 407 Cuba Government offices, in response to the sanctions imposed on the 27th of October 2020. The US Treasury Office of Foreign Assets Control (OFAC) put the sanctions in place.
Cuba government is putting pressure on the Western Union due to USA sanctions which prevent citizens from sending money to members of the Cuban Military. The Western Union is in Cuba via military-owned Fincimex.
Fincimex believes there is a way to keep running within the parameters of US regulation. The Cuban Military restriction is on the Cuba Restricted List.
Fincimex could cease to exist because of US Government restrictions. For 20 years, Fincimex has been the most significant way Cuban people have been able to send remittances.
The company was used by 2.7 million diasporas in the US to support their Cuban community hence, the move to enhance restrictions in Cuba has received criticism from Cuban diplomat Josefina Vidal. Miss Vidal said the measures were brutal and a display of maximum cruelty towards Cuba.
A statement by Mike Pompeo, U.S Secretary of State, revealed that the purpose of the move is to break the spirit of the Cuban military who have been suppressing its people. Mr. Pompeo also emphasised that the sanctions limit the Government and military from taking from Venezuela remittances.
Reuters believe the decision was made by Trump to gather Cuban support from Florida.
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