In June 2018, the government of the Republic of Cuba issued an annual report [LINK] to the New York, New York-based United Nations within which is a presentation relating to the commercial, economic and political impact of United States statutes, regulations and policies towards the Republic of Cuba.
“The accumulated damages due to the blockade for the almost six decades of its application total $ 933,678,000,000 dollars, taking into account the depreciation of the dollar in terms of the price of gold on the international market. At current prices, the blockade has caused damages that can be calculated at over $ 134,499,800,000.”
“In the period being analyzed, the blockade has caused Cuba losses of around $ 4,321,200,000.”
The soil upon which United States policy, regulations and laws sprouted since 1961 was created by the seizure of assets by the government of the Republic of Cuba.
There are 8,821 claims of which 5,913 awards have been certified by the United States Foreign Claims Settlement Commission (USFCSC- https://www.justice.gov/fcsc) at the United States Department of Justice which are valued at US$1,902,202,284.95.
Of these claims, thirty (30) United States-based companies hold 56.85% of the total value. The USFCSC permitted interest to be accrued in the amount of 6% per annum; with the current value ranging from US$6 billion to US$9 billion.
Related Blog Posts: