U.S. sanctions 3 countries for trading with Cuba, Feb. 18, 1964
On this day in 1964, President Lyndon B. Johnson’s administration cut off military assistance to Britain, France and Yugoslavia in retaliation for their continued trade with communist Cuba. The largely symbolic action reflected efforts by Washington to destabilize Fidel Castro’s regime in Havana.
The amount of aid denied was minuscule: about $100,000 in aid to each nation. None of them indicated that the aid cutoff would affect their trade with Cuba. The decision was widely seen at the time as driven by the administration’s frustration at being unable to topple Castro.
Since Castro had come to power in 1959, the United States had tried various methods to oust the communist government. First, it severed diplomatic relations and enacted a trade embargo. In 1961, it unleashed a force of Cuban exiles — which it had armed, trained and financed — against Castro in the unsuccessful Bay of Pigs invasion.
Then, in 1962, the United States risked a war by setting up a naval blockade in the Atlantic to prevent more Soviet missiles from reaching the island. Despite these efforts, the Castro regime survived by garnering aid from countries within the communist bloc.
Since 1992, the U.N. General Assembly has passed an annual resolution condemning the ongoing impact of the embargo and declaring it to be in violation of the U.N. Charter and international law. In 2014, out of the 193-nation assembly, 188 countries voted for the nonbinding resolution; the United States and Israel voted against; and the Pacific island nations Palau, Marshall Islands and Micronesia abstained.
The embargo, which limits American businesses from conducting business with Cuban interests, remains in effect. It is the most enduring trade embargo in modern history and enjoys considerable support within the Republican-led Congress. Despite the embargo, the United States is the fifth largest exporter to Cuba — nearly 7 percent of Cuba’s imports now come from the U.S.
The recent resumption of normal diplomatic relations between Washington and Havana has brought an increased ability for Americans to travel to Cuba and to transact business with Cuban nationals, including financial institutions. Additionally, some U.S. banks are now permitted to open accounts in Cuban ones.