Thursday, December 02, 2021

NEWS

Cuban financial sector is seriously affected by US blockade

Cuban financial sector is seriously affected by US blockade

Havana, Jun 28 (Prensa Latina) The financial sector is one of the economic fields that is most affected by the restrictions imposed on Cuba by the United States, economists recall on Monday.
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Analysts referred to this fact on their social media accounts, and mentioned the document on the updated damage caused by the economic, commercial and financial blockade imposed by the United States on Cuba and approved by at the United Nations General Assembly last Wednesday with 184 votes in favor, two against and three abstentions.

Finance is particularly one of the relevant points of the document due to its impact on the Cuban economy and society.

In the past few years, according to the report, financial persecution became a ruthless hunt, damaging Cuban transactions with third countries. That measure affects Cuba’s payment and collection capacity and the possibility of having access to credits.

From April to December 2020 alone, the monetary-financial damage to Cuba amounted to 404.2 million dollars, that is, a 42-percent increase compared to the figure reported between April 2019 and March 2020.

Such actions by the Office of Foreign Assets Control (OFAC) points to US companies and third countries for alleged violations of the blockade. Between 2017 and 2020, these fines totaled some 3.76 billion dollars, according to the document approved at the UN.

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