Russia's BCA NOVIKOMBANK, Sanctioned By OFAC, Has Representation License For Office In Cuba
/Official Gazette of the Republic
29/04/2024
GOC-2024-EX32
REPRESENTATION LICENSE
This Representation License is hereby issued (hereinafter referred to as hereinafter License) in favor of BCA NOVIKOMBANK S.A., to establish a representative office in the territory of the Republic of Cuba.
This License authorizes you to:
1. To manage, promote or coordinate the business carried out by its parent company, in freely convertible currency with entities established in the national territory.
2. To manage, promote or coordinate the execution of correspondent agreements between BCA NOVIKOMBANK S.A., Representative Office, and the financial institutions established in the national territory.
BCA NOVIKOMBANK S.A., Representative Office in Havana, Cuba, acts on behalf of its parent company, so it is prohibited to directly carry out active or passive banking or financial operations of any kind in Cuba.
BCA NOVIKOMBANK S.A., Representative Office in Havana, Cuba, provides the Central Bank of Cuba and other corresponding bodies with the data and reports requested for its knowledge or by reason of the inspections carried out, and is obliged to exhibit for examination its books, as well as the documents and other records that may be requested by the officials of the Central Bank of Cuba in the fulfillment of their obligations.
The Central Bank of Cuba may cancel or modify this License at the request of BCA NOVIKOMBANK S.A., or when the provisions of this License, or Decree-Law 362 "On the Institutions of the Banking and Financial System", of September 14, 2018, the provisions of the Central Bank of Cuba or other applicable legal provisions in force, are not complied with.
GIVEN in Havana, on the tenth day of the month of April, two thousand and twenty-four.
Juana Lilia Delgado Portal
Minister-President
From Wikipedia:
“Novikombank is a Russian bank specializing in financing of enterprises in the heavy-machinery, automotive, high-tech, oil and gas industry. Novikombank is ranked among the top 40 largest Russian banks. Member of the deposit insurance system.”
“Sanctioned by New Zealand in relation to the 2022 Russian invasion of Ukraine. On 24 February 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Novikombank under E.O. 14024 for operating or having operated in the financial services sector of the Russian Federation economy. Subsidiary companies were also sanctioned. Sanctioned by the US Department of the Treasury. In December 2023 the United Kingdom subjected the bank to additional sanctions, including a prohibition on correspondent banking relationships on top of an asset freeze.”
