💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Cuba says U.S. trade embargo cost more than $5 billion last year

Published 10/22/2020, 12:55 PM
Updated 10/22/2020, 01:00 PM

HAVANA (Reuters) - Cuba on Thursday said the decades-old U.S. trade embargo, tightened under President Donald Trump, cost it a record total of more than $5 billion over the last financial year and hurt its ability to tackle the coronavirus pandemic.

Foreign Minister Bruno Rodriguez made the comments at the launch of an annual campaign for a United Nations resolution condemning the embargo put in place after Cuba’s 1959 revolution.

This year’s U.N. General Assembly vote, originally set for October, was postponed to May next year due to the pandemic. It will be the 29th time Cuba has marshaled international support against the embargo.

Damages from April 2019 through March 2020 amounted to $5.570 billion, some $1.226 billion more than in the prior year, Rodriguez said, bringing the total cost to $144 billion since the embargo's inception.

He added that sanctions had also made it hard to acquire necessary personal protective equipment and ventilators to fight coronavirus while U.S. policy had separated families.

"Whoever wins the U.S. elections will have to face the tangible reality that the blockade ... hurts the Cuban people, families, Cubans who live abroad (and) violates human rights," Rodriguez told a news conference in Havana.

The Trump administration has backtracked on nearly all the measures his predecessor, Barack Obama, had taken to ease the embargo and improve ties between the United States and its old Cold War foe.

It has even imposed new sanctions, partly in a bid to lock in the Cuban-American vote in the hotly contested swing state of Florida in the Nov. 3 U.S. presidential election.

Washington has sharply reduced U.S. visits to Cuba — barring cruise ships and flights to most cities — and closed the embassy's visa section, making it harder for Cubans to visit their families.

© Reuters. FILE PHOTO: Children draw flags from Cuba and the U.S. during the XIV Civil Society Forum against the 55-year-long standing U.S. economic and trade embargo against Cuba in Havana

The administration has also sought to stop Venezuelan energy shipments to the island, while its tougher stance has led international banks to avoid transactions involving Cuba.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.