Business Ombudsman Titov takes charge of Russia-Cuba Business Council

MOSCOW. Jan 11 (Interfax) - Russian Presidential Business Rights Commissioner Boris Titov has been elected chairman of the Russia-Cuba Business Council at the Russian Chamber of Commerce and Industry, the ombudsman's press service told Interfax.

"Topical areas of bilateral cooperation include projects in the fields of energy, transport, healthcare, the food industry and, of course, tourism. Cuba remains hospitable towards Russian tourists and I think we will be seeing a continuous growth in this area," Titov said.

Council members made the decision on Wednesday, January 11. The Russian part of the Business Council comprises over 100 manufacturing and trade companies and educational and research establishments. It also includes representatives of several federal ministries and the Moscow government.

"The primary task of the Council is to bolster the potential for trade and economic relations with Cuba, including the promotion of the interests of domestic businesses on the markets of this country," the press service said.

As "both countries are under sanctions, it would be necessary to develop new mechanisms for mutual settlements, which will mitigate the fallout from restrictions," Titov said.

"Such options as ruble-denominated settlements, cryptocurrencies and clearing schemes are being explored. Hopefully, the Business Council will yield and implement new initiatives that would be useful for both Russia and Cuba," he said.