Updates with additional details from central bank statement, context

By Dave Sherwood and Kylie Madry

June 3 (Reuters) - Cuba will suspend Visa and Mastercard transactions from June 6, the Caribbean nation's central bank said on Wednesday, citing sanctions imposed by the United States.

Cuba's central bank said that the foreign bank that had previously processed credit card transactions had taken the decision to limit operations following a U.S. executive order on May 1 that vastly broadened sanctions on commerce with Cuba.

"As a result of this decision, Cuba is unable to receive income from the sale of goods and services through internationally recognized cards such as VISA and MASTERCARD," the central bank said in a statement.

The U.S. order has prompted an exodus of businesses from Cuba in recent weeks, including hotel companies, airlines and global shipping firms, as foreign investors seek to distance themselves from island institutions sanctioned by the U.S. government.