Русский
The Russian Foreign Minister, Sergey Lavrov, has met with Julio Antonio Garmendia Peña, the Cuban Ambassador to Russia, at the conclusion of his diplomatic mission in Moscow. The two men evaluated the results of collaborative efforts to fortify the strategic partnership between Russia and Cuba, with discussions encompassing pivotal issues on both the bilateral and international agenda.
The two countries have a lot to discuss. Cuba’s national energy grid is in dire need of repair and updating, and the country needs foreign investment. To help with this, Russia helped expedite Cuba’s position as a BRICS partner nation, and the country has joined the New Development Bank, giving it access to infrastructure investment.
Russian companies such as Zarubezhneft are involved in the Cuban energy sector, while there have been numerus meetings between the two countries to assess what needs to be done to fix Cuba’s energy infrastructure.
Cuba and the USSR were involved in a joint project to construct a Nuclear Power Plant at Juragua, however the project was abandoned after the collapse of the Soviet Union. It is possible that talks could later involve inspection of the facilities with an eye on redeveloping the project.
In trade Russia’s exports of agricultural products to Cuba rose 20% last year, while in investment, Russia’s UAZ have begun an assembly plant to produce SUVs in the country. The countries are also looking to leverage Cuba’s geophysical position to create a regional logistics hub in the Gulf of Mexico.
The Russian government stated in May this year that it would direct Russian corporates to invest US$1 billion into Cuba between now and 2030.
Further Reading
Russia Looking to Invest in & Modernize Cuba’s Energy System
