In 1960, Cuba seized all American-owned assets to retaliate against U.S. economic sanctions
In a bold escalation of the Cold War, the Cuban government seized all American-owned property in 1960, fundamentally altering the relationship between the two nations for the next sixty years.
In August 1960, Fidel Castro moved to nationalize major American assets, including oil refineries, sugar mills, and telephone companies. This sweeping action was a direct response to U.S. economic sanctions and a cut in the Cuban sugar quota. The seizure involved over one billion dollars in property, representing one of the largest uncompensated takings of foreign assets in history.
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