What was yours has become ours: Cuba freezes the bank accounts of foreign companies 0 6

At the same time, companies are being offered to open a new type of account — a "real" one: it must be replenished exclusively with currency coming from abroad and theoretically allows for transfers and cash withdrawals. However, as some foreign firms reported to EFE, there are already delays in accessing funds in these accounts as well.

According to the agency, the decision effectively formalizes an unofficial "freeze" (corralito) on corporate deposits that has been ongoing in the country for several months. This practice was tested by the authorities on a limited number of companies in the first half of the year and has now become nationwide.

There are 334 enterprises with foreign participation operating on the island, of which 56 are fully foreign-owned, as noted by Havana Times.

The restrictions also affect diplomatic missions. According to EFE sources, the Cuban Foreign Ministry informed embassies of a similar regime: a date will soon be announced after which incoming currency can "theoretically" be withdrawn and transferred abroad, while the availability of funds received before this date is not guaranteed.

All this is happening against the backdrop of a severe liquidity crisis and numerous distortions in the economy: legal entities are forced to operate at the official exchange rate of 24 pesos per dollar, while on the black market the rate approaches 450.

At the same time, neither the government nor the Central Bank of Cuba publicly comment on the reasons for what is happening.

The economic situation remains extremely difficult: Cuba imports up to 80% of the products it consumes, is experiencing a years-long crisis with high inflation, a shortage of basic goods, daily power outages, and a continuing outflow of population.