Cuba terms US embargo as "failed" policy

HAVANA - Cuban Foreign Minister Bruno Rodriguez said Thursday that the 50-year trade embargo imposed by the United States against his country is a "failed policy" widely rejected by the international community.

At a press conference in Havana to present Cuba's latest report on the effects of the embargo, Rodriguez said the policy is without a doubt the main cause for Cuba's economic and financial crisis, and the biggest stumbling block to its social and economic development.

According to official figures, at today's prices, the losses caused to the island by the US embargo since it was officially imposed in 1962 amount to $100 billion.

The document also claims that Washington has stepped up its sanctions on financial transactions by Cuban companies and international companies doing business with Cuba, "During the administration of President (Barack) Obama, the financial sanctions amount to more than $2 billion," said Rodriguez.

The White House, through the Office of Foreign Assets Control (OFAC), has also stepped up its vigilance on Cuban financial operations, which incurred fines of $89 million last year, and have so far this year accumulated $622 million in fines, said Rodriguez.

Saying the embargo affects every Cuban family in one way or another, Rodriguez called on US President Obama to seize the historic opportunity to change Washington's policy toward the island if he wins the presidential election in November.

Rodriguez also said the embargo violates the civil and constitutional rights of US citizens by prohibiting them from freely traveling to Cuba and restricting scientific, cultural and social interchange between the two nations.

Cuba draws up the report annually in the lead up to the United Nations General Assembly session in New York, where member countries have been voting in favor of a resolution to end the embargo. A vote on the resolution is expected on November 4 following a review of the report.

The UN has consistently condemned the embargo, with 186 member countries voting against it in 2011.