Western Union, a leading U.S. financial services company, has discontinued its money transfer services between the United States and Cuba this month. This suspension follows the reinstatement of sanctions against Cuba by the U.S. administration.
The decision by Western Union is set to affect numerous Cuban families who rely on remittances from relatives in the U.S. These financial transfers are vital for supporting households and sustaining the local economy in Cuba.
With the halt in money transfer services, families dependent on these funds may face increased financial challenges. The sanctions reinforcement by the Trump administration underscores the ongoing complexities in U.S.-Cuba relations, impacting everyday lives and economic stability for many in the Cuban community.
Experts suggest that the suspension may lead to increased use of alternative financial channels, though such options may come with higher costs and greater risks. The affected families are now navigating a more challenging financial landscape, seeking ways to manage the reduced flow of essential remittances.
Reference(s):
cgtn.com
