HAVANA, Oct. 1 (Xinhua) -- The U.S.-led economic embargo against Cuba cost the island's cultural institutions 12.7 million U.S. dollars in losses in the past year, according to a report released Tuesday by the Ministry of Culture.
The report said Washington's embargo hinders normal cultural exchanges between Cuba and other countries by listing some examples.
In 2012, U.S. company PayPal, which facilitates payments via the 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 U.S. Treasury Department's Office of Foreign Assets Control.
Also last year, 365 musicians and technicians, who took part musical events organized by the Cuban Institute of Music in the United States, were not allowed to profit from their performances through ticket sales.
RTV Commercial, a Cuban radio and television marketing firm, can not promote its products in U.S. market or any other countries in Latin America, due to the embargo.
Cuba presents every year the United Nations General Assembly with a report on the economic damages caused by the U.S. embargo imposed on the country more than 50 years ago during the Kennedy administration.
The UN unanimously condemns the embargo and votes for a resolution calling on the U.S. to lift the sanctions on Cuba, yet there has been no change in U.S. policy.