US ban on Cuba badly hits tech, drug transfer from India

Transfer of technology and important drugs from Indian entities to Cuba has been adversely impacted due to the decades-long US embargo on the caribbean island nation, according to a report by UN Secy Gen Antonio Guterres.

The UN General Assembly (UNGA) had in a resolution titled ‘Necessity of ending the economic, commercial and financial embargo imposed by the US against Cuba’ requested the UN chief to prepare, in consultation with the appropriate organs and agencies of the UN system, a report on the implementation of the resolution.

India was among the 189 UN member states that voted last week in the UNGA in favour of condemning the US’ economic, commercial and financial embargo against Cuba, a call that has made every year since 1992. Only the US and Israel had voted against the UNGA resolution. The report noted not only has the embargo against Cuba remained in force, it has been tightened, as shown by examples of the effects of the policy on Cuban entities and on third parties.

On November 9, 2017, the US arbitrarily banned direct financial transactions with 179 Cuban institutions in various sectors, which has a negative impact on the country’s economic growth and an intimidating effect on firms in the US or third nations that wish to establish economic, commercial and banking relations with Cuba.

According to the report, some specific examples of the implementation of this policy include instances of Indian entities. On February 12, 2018, it was reported five Indian banks had refused to carry out a transfer from the office of the UN Development Programme in Cuba to the Indian firm Ankur Scientific Energy Technologies.