Report: US embargo cost Cuba more than $116B

Cuba

Cuba says U.S. economic sanctions against the island cost the country almost $4 billion in lost trade and tourism last year. This brings the overall estimate of economic damage to more than $116 billion, at today’s prices, since the embargo began 55 years ago.

The figures were part of a new Cuban government report prepared as part of the annual resolution Cuba presents to the United Nations calling for an end to the embargo.

The United States first imposed trade sanctions against Cuba back in 1960. Today the embargo has expanded to cover trade, travel and finance.

At a press conference to launch its annual report on the effects of the embargo, the Cuban government claimed that since U.S. President Barack Obama came to power, there has been a marked increase in fines against foreign companies doing business with Cuba.

The report also highlighted the effects of the embargo on both health and education.

Lost exports was another area highlighted in the report, which estimates that sales just from rum and cigars would be at least $200 million a year higher if they could be sold in the United States.

CCTV’s Michael Voss reports from Havana.

Report: US embargo cost Cuba over $116 billion

Cuba says U.S. economic sanctions against the island cost the country almost four billion dollars in lost trade and tourism last year. This brings the overall estimate of economic damage to more than 116 billion dollars, at today's prices, since the embargo began 55 years ago. The figures were part of a new Cuban government report prepared as part of the annual resolution Cuba presents to the United Nations calling for an end to the embargo.