Cuba has reported what it calls "record" financial losses of eight billion dollars in a single year, which it attributes to the U.S. embargo that has been in place since 1962. The figure was announced by Foreign Minister Bruno Rodriguez and does not include damages from an energy blockade or recent U.S. sanctions. This year’s losses are said to be 7% higher than those of the previous year, marking an increase in the economic impact of the long-standing trade restrictions. The U.S. government has recently threatened to impose tariffs on any country that sends oil to Cuba, effectively creating an oil blockade. This has severely limited Cuba’s access to fuel, with only one Russian oil tanker arriving since January. In May, the U.S. introduced a "secondary sanctions regime," targeting foreign companies that do business with Cuba. These measures have led to the departure of many foreign firms, especially in tourism and mining—key industries that bring in foreign currency for Cuba’s 9.4 million people. Rodriguez accused the U.S. of following a "coldly calculated plan" that has worsened Cuba’s energy crisis, leading to frequent power cuts that affect water supply, transportation, and health services. He cited a significant rise in the infant mortality rate, from 4 per 1,000 in 2018 to 9.9 per 1,000 in 2025. Despite these challenges, Rodriguez emphasized that Cuba would not face a humanitarian crisis, pointing to the solidarity of its people. He also noted that the U.S. had only partially fulfilled the humanitarian aid promised by former Senator Marco Rubio, with only one shipment of food and hygiene supplies for 700 families. Despite the ongoing embargo, Cuba has seen a rise in imports from the U.S., driven by its private sector. According to the U.S. Census Bureau, Cuba imported $149 million worth of goods in July, the highest monthly total since 1992. Between January and July of this year, imports from the U.S. reached $674 million—nearly the total of imports in 2025. Cuban economist Daniel Torralbas called this a "paradox," noting that if the current trend continues, 2026 could be the first year since record-keeping began where bilateral trade exceeds one billion dollars. In response to the oil embargo, the Cuban government has ended its monopoly on fuel imports, allowing the private sector to take on a small role in fuel imports. This has led to broader economic liberalization, as the government moves to shift away from state-controlled enterprises and codify these changes in law.