Russia boosting trade with Cuba, US backs away

Cold War allies Moscow and Havana are marking a renaissance in relations as the US cuts ties with Cuba. Russian firms are returning to the Caribbean nation with billion-dollar projects in hand.

Russian corporations, including Rosneft, AvtoVaz and Russian Railways (RZD) have been boosting investment in Cuba with trade between the countries expected to reach $400 million by the end of the year.

Russia's state-owned oil company Rosneft resumed fuel shipments to the Caribbean island. The step is seen as major support to the country after reduced shipments of oil from neighboring Venezuela. Rosneft also announced plans to modernize the island's Cienfuegos oil refinery.

State-run monopoly Russian Railways (RZD) is reportedly in talks with Cuban authorities to upgrade over a thousand kilometers of railroads. The company is also planning to build a high-speed railway...