US Blockade on Cuba Causes $125 Million Loss in Energy Sector

Power plants have been the hardest-hit since device manufacturers have suspended their relations with Cuba, forcing the country to find other suppliers.
Power plants have been the hardest-hit since device manufacturers have suspended their relations with Cuba, forcing the country to find other suppliers. | Photo: Twitter/@telesurenglish

In a statement, the Foreign Ministry explained that $125.282 million were lost in this regard between April 2019 to March 2020 due to the unilateral policy. 

April 2 (teleSUR) Cuba’s Foreign Ministry exposed on Friday that the U.S. blockade “considerably limits the development of the energy and mining sector.”

In a statement, the Foreign Ministry explained that $125.282 billion were lost between April 2019 to March 2020 due to the unilateral policy. Moreover, power plants have been the hardest-hit since device manufacturers have suspended their relations with Cuba, forcing the country to find other, more expensive suppliers.

The Clyde Bergemann company which supplies boiler torches to three thermoelectric plants canceled its contract with the Caribbean island. Also, Flender, which makes the circulation baffles of pumps stopped selling these devices after the activation of Title III of the Helms-Burton Act.

The Foreign Ministry revealed that the U.S. blockade caused Cuba’s main electricity company Union Electrica a loss of $16 million while the joint venture Moa Nickel S.A. lost $7.58 million due to these very sanctions.

This entry was posted in The Blockade?. Bookmark the permalink.