Cuba gave a new estimate of financial losses from the us embargo

Rodríguez stated that the UN at the beginning of the traditional campaign for the lifting of sanctions, Reuters reports. According to the Minister, for the period from April 2015 to March 2016 losses from the embargo amounted to $4.6 billion.

“The blockade imposed by the United States on Cuba remains,” said Rodriguez and added that “the blockade is the root cause of the problems of the economy and an obstacle to development.”

In 2010, Rodriguez estimated loss of $751 billion. “If to take into account the depreciation of the dollar relative to gold on the world market, 30 times from 1961 to 2009, the economic losses incurred by Cuba because of the embargo, as at December 2009 amount to 751 billion 363 million dollars, and this figure is closest to reality,” he said then.

Even before the official Havana has estimated the total damage to the Cuban economy after the embargo at $96 billion.

Since 1992, the UN General Assembly regularly adopted resolutions calling on the U.S. to lift the embargo.

The Obama administration took a course on the normalization of relations with Cuba. In July 2015, the United States and Cuba have restored diplomatic relations, severed in 1961. This was preceded by the first for more than 50 years of full-fledged negotiations between the two leaders, Barack Obama and Raul Castro at the summit of the Americas in Panama in April 2015. At the opening of the American Embassy in Havana was attended by U.S. Secretary of state John Kerry.

In March 2016 Obama visited Cuba historic visit. It was the first trip of an American President to Cuba for 88 years — the last time before the island was visited by the 30th US President Calvin Coolidge in 1928.
August 31, 2016 from the USA to Cuba went first since 1961 commercial flight. U.S. Secretary of state John Kerry called the flight “another step forward” in restoring ties with Cuba.

The decision to cancel the Cuban embargo is the responsibility of Congress, which should enact a law.

In July 2015, U.S. companies, U.S. citizens and Cubans estimated loss from expropriation or loss of property in Cuba is $7-8 billion.