Cuba acknowledged on the top diplomatical level on Friday that Obama’s easing of the U.S. trade embargo hasn’t helped economy of the Island of Freedom. The Foreign Minister Bruno Rodriguez said about it in the Annual report of Cuba for the UN.
Cuba made a presentation of its annual report ahead of a U.N. vote on condemning the embargo, according to the fresh data, the US sanctions cost Cuba $4.6 billion last year. Even Obama’s easing of the embargo hasn’t helped an economy in FY 2015/16.
Foreign Minister Bruno Rodriguez presented a report, which contains a detailed accounting of both specific damages from the embargo, such as U.S. government fines on Cuba’s business partners, and scenarios in which Cuba faults the U.S. for the loss of hypothetical business.
The 55-year-old embargo cost Cuban business about $125.9 billion, added Mr. Rodriguez:
“…there’s been no fundamental change in the application of the blockade, and because of that, I can say, there hasn’t been a greater economic impact of the executive actions until now and there won’t be until we see bigger steps.”