US sanctions Cuban Bank for ties with military

The United States has added Cuban Banco Financiero International to its list of sanctioned entities, saying it is controlled by the country's military, State Secretary Mike Pompeo said Friday.

"Today, the Department of State is announcing the addition of Banco Financiero International S.A. (BFI) to the Cuba Restricted List, effective upon publication in early January. BFI is a Cuban military-controlled commercial bank that benefits directly from financial transactions at the expense of the Cuban people," Pompeo said in a statement.

According to the statement, the military uses the bank to give preferential access to military and state firms and fund government-controlled initiatives.

The US prohibits all financial transactions with the entities from the list, which was last updated on September 29. (/Sputnik)

( With inputs from ANI )

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