Cuba lost $12.7 mn due to US cultural embargo

The US-led economic embargo against Cuba had cost the island's cultural institutions $12.7 million last year.

A report released Tuesday by Cuba's ministry of culture said Washington's embargo hinders normal cultural exchanges between Cuba and other countries, reported Xinhua.

In 2012, US company PayPal, which facilitates payments via internet, placed restrictions on the account of a Spanish company to prevent its financing for Cuban cultural projects, saying the funding would violate regulations imposed by the US Treasury Department's Office of Foreign Assets Control.

Also last year, 365 musicians and technicians, who took part in musical events organised by the Cuban Institute of Music in the US, were not allowed to take profit from their performances through ticket sales.