Havana freezes millionaire accounts to investors on the island, reports Efe

Several foreign investors in Cuba have been notified by the island’s authorities that the money of their accounts cannot be transferred outside the country, an office from the Havana of the EFE Spanish Agency.

Business and diplomatic sources confirmed to Efe that the order «has generated a strong discomfort among the affected companies, which in some cases have complained to their respective governments.»

The process would have already begun, according to a businessman quoted by the news agency, who said that his account has already been «frozen» and that he can only use those funds within Cuba.

«We are in total disagreement. It is not government money (Cuban), but money from companies,» said the source.

By the end of 2023 Cuba recognized the operation of 334 businesses with foreign investment, from more than 40 countries. These businesses include 181 international economic association contracts, 106 mixed companies and 56 companies with totally foreign capital.

The alternative to these entrepreneurs, according to EFE, is to open on the island a new type of bank accounts in currencies «with which these companies could operate without limitations, because these accounting notes will have monetary support.»

«However, these accounts will admit only new capital (the previous accounts cannot be transferred: only exterior transfers will be accepted),» adds the report.

The Cuban economist Pedro Monreal commented on his social networks that «it would seem that the announced currency management scheme in Cuba combines a corralito for current currency accounts of foreign companies and the proposal to open new accounts with fresh currencies that will not have restrictions.»

«New roulette for an old crisis,» said the expert.

For Cuban American congresswoman María Elvira Salazar is a lesson «for those who insist on doing business with the dictatorship.»