At SPIEF’25 Russia-Cuba Dialogue, One Side Talks Dreams, Other Talks Reality. “Reliable Partner”- “Science Fiction” Or Reality? Russia Says Entrepreneurs Important. Cuba Not So Enthusiastic
/At SPIEF’25 Russia-Cuba Dialogue, One Side Talks Dreams, The Other Talks Reality
Defining “Reliable Partner”
“Science Fiction” Or Reality?
1,658 Days Remaining To Deliver US$1 Billion For Russian Federation’s “Plan 2030”
Will Russian Government Subsidize Interest Rates For Russia-Based Companies Wanting To Invest In The Republic Of Cuba?
Russia Delegation Reiterates Importance Of Entrepreneurs. Cuba Delegation Not So Enthusiastic.
From 18 June 2025 to 21 June 2025, the government of the Russian Federation hosts the annual St. Petersburg International Economic Forum (SPIEF). Thousands of government officials, company representatives, and journalists assemble in a state-of-the-art facility near the Pulkovo Airport on the outskirts of St. Petersburg.
In 2024, the delegation from the government of the Republic of Cuba was represented by eighty-eight-year-old Ricardo Cabrisas, Vice Prime Minister of the Republic of Cuba.
In 2025, the delegation from the government of the Republic of Cuba was represented by fifty-four-year-old Oscar Perez-Oliva Fraga, Minister of Foreign Trade and Investment.
On Wednesday, 18 June 2025, a total of forty-five participants convened around two tables connected by video link- one in a conference room at SPIEF’25 and the other in a conference room in Havana, Republic of Cuba.
According to the SPIEF’25 program, the reason for the gathering with Minister Perez-Oliva and his delegation, which was hosted by Azer Talibov, Chairman of the Russia-Cuba Business Council:
“Cuba is a reliable foreign policy ally and a priority partner for Russia in Latin America. Russia and Cuba take united positions on the vast majority of global agenda issues. Cuba’s accession to BRICS in January 2025 strengthens coordination among member states. It is essential that the level of trade and economic cooperation matches the high level of political engagement. Tools and foundations are already in place to make concrete decisions and sign both strategic and working agreements that enable effective cooperation between business circles and government representatives, overcome barriers, and implement joint state and commercial projects. The dialogue includes businesses engaged in real, on-the-ground projects in Cuba. How can business and government work together to overcome global challenges and build bridges between the two countries? What problems need to be addressed first?”
The US$1 billion value of “Plan 2030” is stated to comprise investments in infrastructure including electricity generation, railways, automotive, tourism (building “smart” hotels and digitizing hotels which will “mean fewer workers and better service” according to a member of the Russian Federation delegation), and agriculture (including sugar- “super important” shared a member of the Russian Federation delegation); along with consumer product production and product production focused upon export markets.
“Under this Plan, Russian companies and businesspeople have expressed their willingness and confirmed their readiness to invest more than US$1 billion in the Cuban economy… it is impossible to achieve things immediately, as if by magic.” Dmitry Chernyshenko, Deputy Prime Minister of the Russian Federation
The most startling statements did not emulate from members of the Republic of Cuba delegation- their statements were as anticipated- many opportunities, but they all require the resources of someone else. Their goal was always to project optimism, resurrect past successes, and direct blame upon others.
A member of the Russian Federation delegation delivered responses hoped for by the government of the Republic of Cuba- “We must help Cuba regardless of the issues. We need financial support from Russian government entities.” But, the remarks began with “Hopefully, my presentation will be real and not science fiction.”
From the Russian Federation delegation, “Good that we move to investment” as a “Key problem is imbalance of one-way trade from Russia to Cuba” and “There are sanctions, but there are well-tested clearing systems and correspondent banks.”
Then, from a member of the Russian Federation delegation with family connectivity with the Republic of Cuba, a list of issues about why commercial relationships in the Republic of Cuba are problematic. As he read the list, there was a physical change to those in the rooms- in St. Petersburg and in Havana. The goal of demonstrating optimism had been deflated, not with a small hole in a balloon, but with a shotgun blast.
“First challenge is the 20% interest rate [for loans] in Russia, so [Russian Federation-based] investors have an issue… In Cuba, the United States Dollar exchange rate has an official rate of 25 Pesos and a real [market] rate of 125 Pesos [18 June 2025 actual unofficial rate 378 Pesos]. We advise clients to use market rates. No ownership rights is another put off for investors. Investors are afraid because they don't know if they will be able to repatriate their money.”
From another member of the Russian Federation delegation, “We love each other, we praise each other. We need to be realistic. Rather than saying something, need to do something.”
From the Republic of Cuba delegation, the word “cooperate” is repeated like a meditation chant. The word is code for the Republic of Cuba owes money, has no money, no elastic marketplace, and does not like private companies.
Focusing Upon Entrepreneurs
Lastly, members of the Russian Federation delegation shared a “need to focus on entrepreneurs and developing entrepreneurs with Russia” knowing the government of the Republic of Cuba has for more than three years refused to implement regulations authorizing direct investment into and direct financing into privately-owned companies located in the Republic of Cuba.
The delay does not only impact United States-based sources of capital- but all countries are also constrained by the lack of regulations. Thus far, the government of the Republic of Cuba is embracing complaining about a lack of capital entering the country rather than implement regulations which would permit what the United States government has already authorized.
On 10 May 2022, the Biden-Harris Administration (2021- ) directed the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury in Washington DC to issue the first license authorizing an entity subject to United States jurisdiction (which is not affiliated directly or indirectly with an individual of Cuban descent) to deliver a direct equity investment to and authorizing direct financing for an officially registered privately-owned company (in the service sector) located in the Republic of Cuba and owned by a Republic of Cuba national.
LINK TO COMPLETE ANALYSIS IN PDF FORMAT
Links To Related Analyses
Biden-Harris Administration Approves First Equity Investment Since 1960 In A Private Cuban Company May 10, 2022
With U.S. Government Authorization For First Direct Equity Investment Into A Private Company In Cuba, Here Is Important Context And Details. About The Parties; About The Message. May 16, 2022
Now The Hard Part For Cuba: Implementing Quickly Transparent, Equal-For-All, MSME Investment & Financing Regulations. No Limitations. No Selectivity. No Orwellian Process. August 04, 2022
Russian Foreign Minister Lavrov Today Visits Cuba. By Focusing Upon Expanding MSMEs, He Can Help Russia Make Money- And Help United States Capital Support MSMEs. Not A Perfect Alliance. February 18, 2024
From SPIEF’25
Russia–Cuba
18 Jun, 17:00–18:15
Business Dialogue
Pavilion H, Zone H, 2nd Floor, Conference Hall H22
Cuba is a reliable foreign policy ally and a priority partner for Russia in Latin America. Russia and Cuba take united positions on the vast majority of global agenda issues. Cuba’s accession to BRICS in January 2025 strengthens coordination among member states. It is essential that the level of trade and economic cooperation matches the high level of political engagement. Tools and foundations are already in place to make concrete decisions and sign both strategic and working agreements that enable effective cooperation between business circles and government representatives, overcome barriers, and implement joint state and commercial projects. The dialogue includes businesses engaged in real, on-the-ground projects in Cuba. How can business and government work together to overcome global challenges and build bridges between the two countries? What problems need to be addressed first?
Welcome address- Dmitry Chernyshenko, Deputy Prime Minister of the Russian Federation (video message)
Moderator- Azer Talibov, Chairman, Russia-Cuba Business Council
Speakers: Daniil Algulyan, Deputy Chairman, VEB.RF; Eulogio Pimentel Vazquez, First Vice President, BioCubaPharma Group of Companies; Nikita Gusakov, Senior Vice President, Russian Export Center; Chief Executive Officer, EXIAR; Olimpiada Znamenskaia, General Director, Nomos; Danil Kustov, First Deputy Chairman of the Government of the Voronezh Oblast; Tatiana Mashkova, Director General, National Committee for the Promotion of Economic Cooperation with the Countries of Latin America (NC CEPLA); Director, Business Council "Russia-Chile"; Vasily Osmakov, First Deputy Minister of Industry and Trade of the Russian Federation; Rafael Ernesto Lage Perez, General Director, ENERGOIMPORT (online); Oscar Perez-Oliva Fraga, Minister of Foreign Trade and Foreign Investment; Didier Estevez Guerrero, Vice President, AZCUBA Business Group
