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How much has 58 years of US blockade cost to the Cuban people?

New York, 3 February 2021. The economic, commercial and financial blockade imposed by the United States of America on Cuba for almost six decades, was established on 3 February 1962 by John F. Kennedy, the 35th president of the United States of America, by executive order 3447.

The blockade remains in force and is strictly enforced, being the main obstacle to the development of the Cuban nation. It is the most unjust, severe and protracted system of unilateral measures that has been applied to any country. It

In current prices, the accumulated damages over nearly six decades of the application of this policy amount to more than 144.4 billion dollars.

Taking into account the dollar depreciation against the price of gold on the international market, the blockade has caused quantifiable damages of more than 1.98 trillion dollars. This value represents a growth of 19% compared to the previous period, as a result of the rise of the price of gold by 18.3%.

From April 2019 to March 2020, the blockade has caused losses to Cuba that amount over 5.5 billion dollars. This represents an increase of approximately 1.2 billion dollars, compared to the previous period.

For the first time, the total amount of damage caused by this policy in one year exceeds 5 billion dollars, which illustrates the extent to which the blockade has been tightened in this stage. The estimate does not include the actions by the U.S. government in the context of the COVID-19 pandemic, since they occurred after the period analyzed.    

Said policy, which is now 58 years old is a massive, flagrant and systematic violation of the human rights of the entire Cuban people and qualifies as an act of genocide, in accordance with the 1948 Convention on the Prevention and Punishment of the Crime of Genocide. It violates the Charter of the United Nations and international law and hinders international cooperation.

The imposition of the economic, commercial and financial blockade by the United States on Cuba is the main obstacle to the development of all the potential of the Cuban economy. It restricts the implementation of both the National Economic and Social Development Plan of the country and the 2030 Agenda and its Sustainable Development Goals. It is the major barrier for the development of economic, commercial and financial relations of Cuba with the United States, and due to its extraterritorial nature, with the rest of the world.

Permanent Mission of Cuba to the United Nations

 

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