$750M could be set aside Funding sources In his
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Posted On: 01/16/2018 8:34:13 AM
$750M could be set aside Funding sources
In his paper, Feinberg identifies six potential sources of funding on both sides of the Florida Straits, including Cuban government revenues from exports or taxing of future U.S. investors; fees paid by U.S. travelers to Cuba or income from other normalization-related activities; the U.S. Congress authorizing a replenishment of $200 million in frozen Cuban assets (after having been drained to satisfy U.S. court orders against Cuba); fresh appropriations from U.S. Congress; international financial institutions such as the IMF — and one across the Atlantic that has recently come into play.
“The U.S. government is looking at the feasibility of using the penalty money received from BNP Paribas for violating the embargo to pay the certified claims,” said Pedro Freyre, a Cuban-American attorney with Miami law firm Akerman LLP.
The funds Freyre refers to are the $8.8 billion the U.S. Justice Department collected from that French bank for violations of U.S. trade sanctions imposed not only against Cuba , but against Iran and Sudan as well. Earlier this year, Department of Justice officials said that the U.S. government intends to use part of the BNP Paribas penalty funds to compensate “persons and entities” harmed by the Cuba, Iranian and Sudanese governments.
Feinberg estimates that a total of $734 million from the BNP penalties could be used for Cuba-related compensation.
https://www.cubastandard.com/?p=14594
In his paper, Feinberg identifies six potential sources of funding on both sides of the Florida Straits, including Cuban government revenues from exports or taxing of future U.S. investors; fees paid by U.S. travelers to Cuba or income from other normalization-related activities; the U.S. Congress authorizing a replenishment of $200 million in frozen Cuban assets (after having been drained to satisfy U.S. court orders against Cuba); fresh appropriations from U.S. Congress; international financial institutions such as the IMF — and one across the Atlantic that has recently come into play.
“The U.S. government is looking at the feasibility of using the penalty money received from BNP Paribas for violating the embargo to pay the certified claims,” said Pedro Freyre, a Cuban-American attorney with Miami law firm Akerman LLP.
The funds Freyre refers to are the $8.8 billion the U.S. Justice Department collected from that French bank for violations of U.S. trade sanctions imposed not only against Cuba , but against Iran and Sudan as well. Earlier this year, Department of Justice officials said that the U.S. government intends to use part of the BNP Paribas penalty funds to compensate “persons and entities” harmed by the Cuba, Iranian and Sudanese governments.
Feinberg estimates that a total of $734 million from the BNP penalties could be used for Cuba-related compensation.
https://www.cubastandard.com/?p=14594
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