Key Points
HAVANA, - Russia's Novikombank said on Thursday it had become the first bank from the country to open a representative office in Cuba as part of growing economic ties between the former Cold War allies..
"The opening of a Novikom representative office in the Republic of Cuba is not only a new stage for the bank, but also an important step in Russian-Cuban relations," board chairwoman Elena Georgieva was quoted as saying in the announcement..
Since the Russian invasion of Ukraine, Moscow's already warm relations with the Communist-run Caribbean nation have strengthened into a "strategic partnership," with a number of possible investment projects in sugar, transportation and energy under discussion..
Last week, a Russian navy frigate and a nuclear-powered submarine docked in Havana, a move widely seen as a show of force from Moscow amid tensions with the West over the Ukraine conflict..
Since 2022 Russian tourists have visited the island in greater numbers and oil and wheat shipments have provided some relief amid a grueling crisis characterized by shortages of basic goods, inflation and power outages that has sparked record migration..
