Cubans wait outside a Western Union office in Havana in a January 2003 file photo (Credit: Jorge Rey / Getty Images)
(CNN) -
Western Union will no longer process remittance payments to Cuba following the new US sanctions, the company's Cuban government partner announced on Tuesday.
More than 400 Western Union centers will close on the island, announced the Cuban government company Fincimex.
This ends a crucial lifeline for many Cubans who depend on money sent by relatives living in the United States.
In September the State Department announced sanctions against Fincimex.
This Cuban company is associated with foreign credit card and money transfer companies because of their ties to the Cuban military, which controls much of the Cuban economy.
LEE: US Department of the Treasury prohibits Cuban military from making remittance transactions
The Trump administration has imposed some of the toughest financial sanctions on Cuba in decades.
This after the president promised to reverse the improvement in relations with the communist-led island brought about by the Obama administration.
This latest blow to the Cuban economy comes at a time when Cuba is facing a sharp drop in tourism.
The island closed the borders for months to stop the spread of the coronavirus.
"Doing so in the midst of a pandemic emphasizes cynicism, contempt for the Cuban people and the opportunism of the US government," Fincimex said in a statement.
Remittances Penalties
