[size=36]Iraq sets the date for fulfilling the compensation for the Kuwait war, and reveals the size of the remaining amount[/size]
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the financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected, on Thursday, that his country would pay compensation for the Kuwait war by the end of the first quarter of next year, which the United Nations estimated at about 52 billion dollars.
Saleh explained, in a statement reported by "Sputnik", and followed by "Mawazine News", that "the process of deducting a percentage of the value of each barrel of Iraqi oil exported as compensation for the Kuwait war began since 1996, and the rate of deduction for compensation at that time was about 30% of the revenue of each barrel of oil." Source through the Memorandum of Understanding called Oil for Food.
He added: "The percentage of deductions then decreased to 5% under Security Council Resolution 1483 in March 2003, and then stopped temporarily between 2015-2017 due to the war on ISIS terrorism and the financial crisis as an aid to the Iraqi economy."
The Iraqi advisor also pointed out that "Kuwait gradually resumed the deduction again in 2018, between 0.5% and 1%, then 3% currently on the return on each barrel of oil, so that the net return after deduction is deposited in the account of the Government of the Republic of Iraq at the Federal Reserve Bank in New York.
" He added, "The total compensation for the Kuwait war, according to Security Council resolutions and estimates of the United Nations Compensation Committee, is estimated at $52 billion," noting that "the remaining amount may be less than one billion dollars only.
" Full at the end of the first quarter of next year, according to the development of oil prices in the global market and the amount of deductible oil revenues achieved.
Under United Nations resolutions issued after the Iraqi invasion of Kuwait in August 1990, the UN Security Council obligated Iraq to pay 5% of its revenues from the sale of its oil, until Kuwait fulfills its right of compensation it demands as a result of the losses incurred to its infrastructure during the invasion, especially in the oil sector and the environment.
After the US invasion that toppled the former Iraqi regime in 2003, Baghdad demanded to cancel the compensation received by the United Nations Compensation Commission, but Kuwait refused the request. Ended 29/A43