Russia and Cuba's Relationship Starting to Warm Up Again

U.S. keeps tightening sanctions with Putin, so Putin is turning to Cuba for oil exploration and maybe something more.

Jul 19, 2014 at 9:16AM

Russia and Cuba are now back together. Vladimir Putin recently visited the country accompanied by his oil chief, Rosneft President Igor Sechin. Despite the United States' 52-year trade embargo on Cuba, Putin forgave 90% of Cuba's debt to Russia, a sum of $32 billion, in an attempt to rekindle a friendly relationship. While Russia could be looking for new drilling locations, the small amount of production, some 55,000 barrels a day, suggests otherwise..

In this episode of The Motley Fool's Where the Money Is, Motley Fool analysts Joel South and Taylor Muckerman discuss why Russia has rekindled its relationship with Cuba, and how it might be more for politicking than trying to get into a Cuban oil field.

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Joel South, Taylor Muckerman, and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.