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New York, New York, United States (AHN) – The Cuban government recently prepared a report saying the U.S. embargo has cost the island nation $751 billion since it started in 1961.

The Cubans prepared the report to present to the United Nations next month before its vote on whether the United States should continue the embargo.

U.N. delegates vote on whether to condemn the embargo annually with a resounding majority agreeing economic sanctions should end.

Last year, 187 U.N. member countries voted against the embargo. Only three – the United States, Israel and Palau – voted to support it.

The difference this year is that President Obama recently raised the possibility of ending the years of hostility with Cuba. In addition, Raul Castro, the successor to his brother as Cuba’s head of state, has made recent statements indicating he wanted better relations with the United States.

Last year, Obama called for a “new beginning” in relations with Cuba. He also relaxed travel and money transfer restrictions on Cuban-Americans who have families in Cuba.

However, he refused to lift the embargo completely. Instead, he said Cuba first must make concessions.

The report on Cuba’s economic damage from the embargo includes 19 suggestions that could be the concessions Obama sought.

The suggestions include starting ferry service between the two countries, expanding the number of commercial flights and ending the bank restrictions that prevent U.S. credit cards from being used in Cuba.

Cuban Foreign Minister Bruno Rodriguez said Obama has missed an opportunity by not improving relations with Raul Castro. He also said Obama has not fulfilled his goal of ending the tense standoff between the two countries.

The Cubans call the embargo a “blockade” of their country. The U.S. restricts all trade with Cuba except for food, medicine and agricultural products.

“The policy of the blockade under President Obama … hasn’t changed at all,” Rodriguez said during a speech in which he presented evidence of the embargo’s economic damage.

He mentioned several examples of the U.S. government fining foreign companies in recent months for doing business with Cuba.

Cuba and the United States have no diplomatic relations. Instead, they have interests sections in each others’ capitals that operate inside the Swiss Embassies.

The embargo started in 1961 after Fidel Castro decided to seize U.S. property in Cuba and advocated Communist policies.

Cuba regularly makes it onto the U.S. State Department’s annual list of state sponsors of terrorism.

State Department spokesman Mark Toner declined to give details on when the embargo might end. He said Cubans must decide “their future.”

The State Department also is questioning the accuracy of the Cuban report that describes $751 billion in economic damage from the embargo.

State Department officials say the report blames the United States for what is really an inefficient and corrupt Communist economic system that cannot survive on its own.

Before Obama could lift the embargo, he would need approval from Congress.

One sign Congress might support the idea occurred last month, when the House Agriculture Committee voted to broaden travel opportunities to Cuba and reduce restrictions on selling U.S. agricultural exports there.

However, the House and Senate have knocked down any similar proposals in previous years. They said removing the embargo could keep Cuba’s government operating at a time it is close to failing from continued economic failures.

View full post on Economy, Business And Finance Stories

New York, New York, United States (AHN) – The Cuban government recently prepared a report saying the U.S. embargo has cost the island nation $751 billion since it started in 1961.

The Cubans prepared the report to present to the United Nations next month before its vote on whether the United States should continue the embargo.

U.N. delegates vote on whether to condemn the embargo annually with a resounding majority agreeing economic sanctions should end.

Last year, 187 U.N. member countries voted against the embargo. Only three – the United States, Israel and Palau – voted to support it.

The difference this year is that President Obama recently raised the possibility of ending the years of hostility with Cuba. In addition, Raul Castro, the successor to his brother as Cuba’s head of state, has made recent statements indicating he wanted better relations with the United States.

Last year, Obama called for a “new beginning” in relations with Cuba. He also relaxed travel and money transfer restrictions on Cuban-Americans who have families in Cuba.

However, he refused to lift the embargo completely. Instead, he said Cuba first must make concessions.

The report on Cuba’s economic damage from the embargo includes 19 suggestions that could be the concessions Obama sought.

The suggestions include starting ferry service between the two countries, expanding the number of commercial flights and ending the bank restrictions that prevent U.S. credit cards from being used in Cuba.

Cuban Foreign Minister Bruno Rodriguez said Obama has missed an opportunity by not improving relations with Raul Castro. He also said Obama has not fulfilled his goal of ending the tense standoff between the two countries.

The Cubans call the embargo a “blockade” of their country. The U.S. restricts all trade with Cuba except for food, medicine and agricultural products.

“The policy of the blockade under President Obama … hasn’t changed at all,” Rodriguez said during a speech in which he presented evidence of the embargo’s economic damage.

He mentioned several examples of the U.S. government fining foreign companies in recent months for doing business with Cuba.

Cuba and the United States have no diplomatic relations. Instead, they have interests sections in each others’ capitals that operate inside the Swiss Embassies.

The embargo started in 1961 after Fidel Castro decided to seize U.S. property in Cuba and advocated Communist policies.

Cuba regularly makes it onto the U.S. State Department’s annual list of state sponsors of terrorism.

State Department spokesman Mark Toner declined to give details on when the embargo might end. He said Cubans must decide “their future.”

The State Department also is questioning the accuracy of the Cuban report that describes $751 billion in economic damage from the embargo.

State Department officials say the report blames the United States for what is really an inefficient and corrupt Communist economic system that cannot survive on its own.

Before Obama could lift the embargo, he would need approval from Congress.

One sign Congress might support the idea occurred last month, when the House Agriculture Committee voted to broaden travel opportunities to Cuba and reduce restrictions on selling U.S. agricultural exports there.

However, the House and Senate have knocked down any similar proposals in previous years. They said removing the embargo could keep Cuba’s government operating at a time it is close to failing from continued economic failures.

View full post on Economy, Business And Finance Stories

New York, New York, United States (AHN) – The Cuban government recently prepared a report saying the U.S. embargo has cost the island nation $751 billion since it started in 1961.

The Cubans prepared the report to present to the United Nations next month before its vote on whether the United States should continue the embargo.

U.N. delegates vote on whether to condemn the embargo annually with a resounding majority agreeing economic sanctions should end.

Last year, 187 U.N. member countries voted against the embargo. Only three – the United States, Israel and Palau – voted to support it.

The difference this year is that President Obama recently raised the possibility of ending the years of hostility with Cuba. In addition, Raul Castro, the successor to his brother as Cuba’s head of state, has made recent statements indicating he wanted better relations with the United States.

Last year, Obama called for a “new beginning” in relations with Cuba. He also relaxed travel and money transfer restrictions on Cuban-Americans who have families in Cuba.

However, he refused to lift the embargo completely. Instead, he said Cuba first must make concessions.

The report on Cuba’s economic damage from the embargo includes 19 suggestions that could be the concessions Obama sought.

The suggestions include starting ferry service between the two countries, expanding the number of commercial flights and ending the bank restrictions that prevent U.S. credit cards from being used in Cuba.

Cuban Foreign Minister Bruno Rodriguez said Obama has missed an opportunity by not improving relations with Raul Castro. He also said Obama has not fulfilled his goal of ending the tense standoff between the two countries.

The Cubans call the embargo a “blockade” of their country. The U.S. restricts all trade with Cuba except for food, medicine and agricultural products.

“The policy of the blockade under President Obama … hasn’t changed at all,” Rodriguez said during a speech in which he presented evidence of the embargo’s economic damage.

He mentioned several examples of the U.S. government fining foreign companies in recent months for doing business with Cuba.

Cuba and the United States have no diplomatic relations. Instead, they have interests sections in each others’ capitals that operate inside the Swiss Embassies.

The embargo started in 1961 after Fidel Castro decided to seize U.S. property in Cuba and advocated Communist policies.

Cuba regularly makes it onto the U.S. State Department’s annual list of state sponsors of terrorism.

State Department spokesman Mark Toner declined to give details on when the embargo might end. He said Cubans must decide “their future.”

The State Department also is questioning the accuracy of the Cuban report that describes $751 billion in economic damage from the embargo.

State Department officials say the report blames the United States for what is really an inefficient and corrupt Communist economic system that cannot survive on its own.

Before Obama could lift the embargo, he would need approval from Congress.

One sign Congress might support the idea occurred last month, when the House Agriculture Committee voted to broaden travel opportunities to Cuba and reduce restrictions on selling U.S. agricultural exports there.

However, the House and Senate have knocked down any similar proposals in previous years. They said removing the embargo could keep Cuba’s government operating at a time it is close to failing from continued economic failures.

View full post on Economy, Business And Finance Stories