US Financial Operations With Cuba Remain ‘Very Limited’ – US Bank

US Stonegate Bank continues to face embargo-related obstacles while trying to operate in Cuba amid the ongoing normalization process between Washington and Havana, Stonegate CEO Dave Seleski told Sputnik.

WASHINGTON (Sputnik) – When asked about the current obstacles for Stonegate Bank – the first US financial institution to set up a correspondent banking relationship with a Cuban bank — to operate on the island, Seleski said, it is "the embargo."

"It’s still in place. So it’s very limited what the financial institution can do," Seleski explained on the sidelines of the Cuba Summit in Washington, DC. on Thursday, adding that he hopes the embargo will be lifted under the current US administration.

The Bank announced in November that its customers would be able to use its debit MasterCard while in Cuba. Besides, Stonegate Bank provides banking services for the Cuban Embassy in Washington, D.C.

On September 18, the Obama administration lifted many restrictions on travel, conducting business and money transfers, opening of representative offices in Cuba, and permitted US-registered ships to visit the country.

However, the US Congress remains reluctant to accede to Cuban demands to fully lift the trade embargo.

The United States imposed an embargo on Cuba in 1961 during the Cold War because of antagonism between Washington and the communist government in Havana.

In December 2014, US President Barack Obama announced that he would begin restoring ties with Cuba. The two countries reopened embassies in their respective capitals in July 20, after more than 50 years of non-engagement.