Economic Sanctions Against Russia Will Have an Impact on Cuba

From left to right: Cuban Foreign Minister Bruno Rodríguez, Nicaraguan President Daniel Ortega, Miguel Díaz-Canel and Venezuelan President Nicolás Maduro. All of these countries would suffer the effects of the sanctions imposed on Russia after invading Ukraine. (ACN)

14ymedio bigger14ymedio, Havana, 27 February 2022 — Juan González, the assistant to US President Joe Biden for the Western Hemisphere, predicted an impact for Cuba, after the economic sanctions are applied to Russia after the invasion of Ukraine on February 24.

Last Friday, the 27 countries of the European Union, the United States and Canada announced economic sanctions against the Kremlin.

González included Venezuela and Nicaragua in the list of countries that will also suffer the effects of the sanctions.

“What must be taken into account is that the sanctions on Russia are so robust that they will have an impact on those governments that have economic affiliations with Russia. Venezuela is going to begin to feel that pressure, Nicaragua too, as well as Cuba,” González said in a Voice of America interview.

Days before the invasion of Ukraine, the Russian Parliament postponed the repayment of the Cuban debt until 2027 the Russian Parliament postponed the repayment of the Cuban debt until 2027. Between 2006 and 2019, Russia offered Cuba export credits worth 2.3 billion dollars to finance projects in the fields of energy, the metallurgical industry, and the transportation and supply of goods.

In an extraordinary summit, the heads of state of the European Union agreed to the prohibition of exports from the technology sector, financial sanctions and restrictions on visas and transport, according to a senior European official, quote Europa Press.

A statement by European Commission President Ursula von der Leyen said the measures will hamper economic growth, increase inflation and erode Russia’s industrial base.

On Friday, Biden announced the first direct economic sanctions against two large Russian financial institutions, the VEB (one of the main Russian investment and development banks) and the military bank (PSB), considered fundamental for the Russian defense sector.

The United States also applauded Germany’s blocking of the certification of the Nord Stream 2 gas pipeline, which was expected to transport Russian gas to Germany.


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