HAVANA – MasterCard announced Friday that it will lift a block on transactions in Cuba.
The Treasury Department's Office of Foreign Assets Control authorized the change to take effect March 1, according to a bulletin sent to banks and other customers, Bloomberg News is reporting.
After President Barack Obama's Dec. 17 announcement of renewed relations with Cuba, The Treasury Department revised the new regulations loosening the embargo.
As of Jan. 15, U.S. financial firms were allowed to open accounts at Cuban banks.
According to the new rules, U.S. companies are also allowed to process credit and debit card transactions in Cuba. Visa, American Express and other major credit card companies have yet to set dates on when they will be allowing the use in Cuba.
MasterCard's announcement comes after two days of diplomatic talks in Havana.