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Cuba calls for economic transformation amid US embargo

Mar 3, 2026, 7:41am EST
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Buildings in Havana.
Norlys Perez/Reuters

Cuba’s president said his government should “immediately” implement a transformation of the country’s economic model, the most public recognition yet of the hardships caused by a tightened US embargo.

Conditions in the country have deteriorated rapidly since the US toppled former Venezuelan leader Nicolás Maduro, Cuba’s main benefactor at the time of his capture.

Meanwhile the Trump administration’s oil and fuel block on Cuba has brought the country’s economy to a standstill, with many learning how to ride a bicycle as they become the only reliable modes of transport in the country. While Havana has pledged to expand business autonomy, the changes may come too late, with Washington vowing to see through its goal of ousting the country’s Communist regime.

A chart showing the informal Cuban peso to US dollar exchange are.
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