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Resumen en español

The recent ruling by the UK Supreme Court authorizing the CRF I Limited fund to claim more than 72 million euros in debt from the National Bank of Cuba has set off all the alarms about the economic and financial collapse of the Cuban regime. The court ruling potentially opens the door to a global pursuit of Cuban assets, confirming that the island represents today one of the riskiest destinations on the planet for foreign investment.

According to the report “Financial Storm over Havana” prepared by Emilio Morales, Cuba carries a foreign debt more than 40 billion dollars. This figure includes unpaid commitments with the Paris Club, unpaid bilateral debts with Brazil, Venezuela, Argentina, China and Russia, as well as active litigation with private creditors.

Despite multiple restructurings and cancellations, the regime has relapsed in its pattern of non-payment, nullifying all financial credibility. With the Paris Club alone, Cuba has defaulted on more than $200 million in installments since 2019 and faces new claims for accrued interest.

In addition, there has been a dramatic drop in foreign investment. The country is living under a “financial corralito” that prevents foreign companies from repatriating their profits. Spain, China and Russia have begun to cut commercial ties; banks such as Credit Mutuel and Multibank have closed accounts related to Cuban operations. Meanwhile, foreign companies still operating on the island are assessing lawsuits for violation of contracts.

The report underlines that the economic collapse is total: near 60% of the country suffers constant blackouts, the industrial infrastructure is obsolete, and the repression of private entrepreneurship blocks any internal dynamism. The only “strategy” of the regime has been to entrench itself in a failed model, where GAESA’s military elite controls the economy as a mafia structure.

“The real solution is not more cosmetic reforms,” says Morales. “The only way out of this national catastrophe is the total replacement of the political and economic system that has been suffocating Cuba for decades.”