The U.N. General Assembly has voted overwhelmingly to condemn the American economic embargo of Cuba for a 32nd year after its foreign minister strongly criticized the Biden administration and expressed hope a new U.S. president would end it.
The threat of secondary sanctions is what’s keeping countries from doing that. Also, when SWIFT was the only game in town for international settlements, it made it very difficult to do business with Cuba. Now that situation is rapidly changing and I expect things will be looking up for Cuba going forward.
So why don’t they just ignore the US and conduct trade with Cuba?
The threat of secondary sanctions is what’s keeping countries from doing that. Also, when SWIFT was the only game in town for international settlements, it made it very difficult to do business with Cuba. Now that situation is rapidly changing and I expect things will be looking up for Cuba going forward.