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[-] WhatWouldKarlDo@lemmygrad.ml 9 points 1 year ago

I'm not saying it's impossible. I'm saying it's a chilling effect when the US can arbitrarily start blocking your financial transfers. International trade is typically done through USD. And trading with Cuba opens your company to US sanctions.

But honestly, just think about it for a second. which do you think is more likely? Cuba is completely incompetent and/or self isolating? Or the US blockade prevents Cuba from doing any significant amount of trade?

[-] Saik0Shinigami@lemmy.saik0.com -5 points 1 year ago

The US doesn't block anything except for it's own companies/interests to work with Cuba. That's it.

And I don't find it impossible for a country to be incompetent... Nor do I find it unreasonable for a country to be self-isolating.

The USA embargoing it certainly sucks for them. But that's how it goes. But even to that point...

Despite the existence of the embargo, Cuba can, and does, conduct international trade with many countries, including many U.S. allies; however, US-based companies, and companies that do business with the US, which trade in Cuba do so at the risk of U.S. sanctions.[10] Cuba has been a member of the World Trade Organization since 1995.[11] The European Union is Cuba's largest trading partner, and the United States is the fifth-largest exporter to Cuba (6.6% of Cuba's imports come from the US).[12] The Cuban government must, however, pay cash for all food imports from the United States, as credit is not allowed.[13]

So your original premise is still wrong...

[-] WhatWouldKarlDo@lemmygrad.ml 9 points 1 year ago

How so? The existence of trade does not disprove the US blockade. Your own selected quote even states that you risk US sanctions if you trade with Cuba. This is NOT referring to US companies.

The risk of US sanctions can create uncertainty and businesses, especially banks, sometimes find themselves caught between conflicting legal requirements. UK companies, small- and medium-sized enterprises (SMEs) in particular, have for example encountered problems in payments to/from Cuba being blocked by UK banks.

We recommend that companies with extensive US interests which are interested in doing business with Cuba seek independent legal advice. We advise potential investors to read the advisory notes regarding US regulations on the OFAC website.

this post was submitted on 11 Jul 2023
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