Thursday 8 December 2016

Cuba and US begin talks on confiscated property and damages

Published 09/12/2015 | 04:26

American properties in Cuba were seized by the socialist government after the 1959 revolution (AP)
American properties in Cuba were seized by the socialist government after the 1959 revolution (AP)

Cuba and the United States have begun trying to resolve billions in dollars in claims for the confiscation of American properties by the island's socialist government.

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Meanwhile Cuba is demanding more than 100 billion US dollars (£66 billion) in damages for the half-century old US trade embargo on the island.

Resolution of the issues is seen as fundamental to the re-establishment of trade between the countries.

A US commission has certified nearly 6,000 claims against Cuba by American and US firms whose property was taken after Cuba's 1959 revolution.

The claims are worth as much as 8 billion dollars (£5.3 billion). US court rulings against Cuba add another 2 billion dollars (£1.3 billion).

The US State Department said Tuesday's nearly day-long meeting served as a forum to exchange information. The sides agreed to meet again within four months.

Press Association

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