MasterCard Inc said that it would lift a block on US bank card transactions in Cuba after receiving guidance from the US Department of the Treasury’s Office of Foreign Assets Control.
The change is to take effect on March 1, according to a bulletin that the Purchase, New York-based company sent to banks and other customers. MasterCard spokesman Seth Eisen confirmed the bulletin’s contents.
US President Barack Obama last month said that the US would relax restrictions on trade and travel with Cuba, which would include allowing US citizens to use their credit cards in the nation. MasterCard and Visa Inc cards issued by banks outside the US are already accepted in the Caribbean nation.
North Korea is to continue to be blocked by MasterCard for transactions involving US bank cards, while Iran, Syria and Sudan are to be blocked for cards issued anywhere in the world, the company said.
A spokeswoman for American Express said the card provider is evaluating the new regulations released by the Foreign Assets Control office “to better understand what is permissible and how we would operate if we choose to do so,” The Associated Press reported.
Larger rival Visa Inc did not immediately respond to a request for comment.
The US Treasury this month revised regulations tied to US sanctions on Cuba, which included allowing US financial firms to open accounts at Cuban banks to handle transactions, according to a statement on Jan. 15.
US companies also are authorized to enroll merchants and process credit card and debit card transactions for travel-related and other expenses, the department said.
MasterCard’s announcement follows two days of talks between US and Cuban officials over restoring diplomatic ties, migration policies and human rights in Havana. While both sides praised the negotiations, US Assistant Secretary of State Roberta Jacobson said “deep” divisions remain over human rights policies.
Restoring diplomatic ties does not mean that the US embargo on the island will end. While Obama eased some travel and trade restrictions after his announcement on Dec. 17 last year, lifting the embargo would require congressional approval.
US-Cuba negotiations are to resume again as early as next month in Washington, according to two officials who asked not to be identified because they are not authorized to discuss the talks publicly.
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