Díaz-Canel’s Russia visit indicates economic ties likely to deepen

12 May 2025

High level exchanges held during a five-day visit by President Díaz-Canel to Moscow and St Petersburg suggest that economic relations between Russia and Cuba are set to deepen.

The visit, in response to an invitation from President Putin to attend Russia’s  celebrations of its World War II victory over fascism, saw Cuba’s President speak warmly about his country’s ties with Russia, visit possible investors in St Petersburg, and hold high level bilateral meetings in Moscow.

More substantively, Díaz-Canel received confirmation from President Putin that a special mechanism to subsidise interest rates on credits for Russian business owners investing in major projects in Cuba will now be established.

The confirmation came not long after a meeting in Havana of the Russia-Cuba Intergovernmental Commission, and earlier indications that Cuba is willing to offer special incentives and concessions to leading Russian investors in strategic sectors including energy, sugar, agriculture, tourism, railways, and telecommunications.

The officially reported exchanges suggest that economic relations may now intensify, and as hoped for by Presidents Putin and Díaz-Canel gradually rise to the level of the two countries strategic political ties. (See Cuba Briefing 7 April 2025).

Highlights in this issue: 

  • Deputy Prime Minister Chernyshenko says Russian companies are prepared to invest up to US$1bn in Cuba
  • St Petersburg visit identifies investment opportunities
  • Tourism Minister says hoping for recovery in the coming winter season
  • Deadline extended for closing non-state MSMES that provide wholesales services
  • Kallas defends EU-Cuba accord as being essential to engaging Cuba on differences 

In Moscow, President Díaz-Canel also met bilaterally with China’s President Xi Jinping who attended the Russian celebrations. Initial Cuban reporting indicated that President Xi had said that “the ties between the two countries were at a new, more solid stage” and had “called for a further deepening of ties, with exchanges being the hallmark.” Díaz-Canel reportedly acknowledged Xi Jinping’s “enormous sensitivity, understanding, and personal commitment to the island’s problems.”

Writing on X just before returning to Havana, President Díaz-Canel noted: “We are returning to the Homeland, with a goodbye to Russia, where we have experienced days of intense emotions and promising dialogue.” “Our friends are not indifferent to our financial situation, and we discussed it during the visit.” “Russia defeated fascism. Cuba will defeat the blockade.”

12 May2025, Issue 1279

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