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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Iraq leaves “Chapter VII” in early 2022 and an urgent step for the US Federal regarding Kuwait’s com

rocky
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Iraq leaves “Chapter VII” in early 2022 and an urgent step for the US Federal regarding Kuwait’s com Empty Iraq leaves “Chapter VII” in early 2022 and an urgent step for the US Federal regarding Kuwait’s com

Post by rocky Thu 09 Dec 2021, 6:27 am

Iraq leaves “Chapter VII” in early 2022 and an urgent step for the US Federal regarding Kuwait’s compensation

  •  Time: 12/09/2021 08:58:04
     
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{Political: Al Furat News} The Chairman of the Committee of Financial Experts, Abdul Basit Turki, expected that, at the beginning of next year 2022, Iraq will get rid of the risk of falling under Chapter VII of the Charter of the United Nations after fulfilling its financial obligations related to compensating the State of Kuwait for the losses it incurred as a result of the regime’s invasion. Saddam Hussein in August 1990.
According to Turki, whose committee oversees the Iraqi funds derived from the production and export of oil and petroleum products and deposited in a sub-account with the Federal Reserve Bank in New York, "The Central Bank of Iraq will pay the entire remaining amount of compensation directly, after stopping the automatic deduction."
In a press statement, Turki called for "the move of the Ministry of Foreign Affairs and the concerned authorities to urge the formulation of a draft resolution that includes removing Iraq from the provisions of Chapter VII of the Charter of the United Nations completely."
The Iraqi government intends to pay the last batch of compensation for the Kuwait war, before the end of this year, after depositing, the day before yesterday, Tuesday, more than 207 million US dollars, with the US Federal Reserve; As a prelude to removing Iraq from Chapter VII. 
Turki explained that the Federal Reserve, two days ago, specifically hours after paying the penultimate payment, stopped the “automatic deduction” from the account of the Iraqi Ministry of Finance with it, in the interest of the Kuwait War Compensation Fund, following a request made by the Central Bank of Iraq.
He noted the need for the forthcoming decision to provide for "protecting Iraq from any claims related to the Kuwait war compensation, whether it is individual claims or filing lawsuits related to compensation," calling for "the cancellation of all decisions that resulted from the Kuwait war."
The UN Compensation Committee was formed in 1991, obligated Baghdad to pay $52.4 billion in compensation to individuals, companies, governmental organizations and others who incurred losses resulting directly from the invasion of Kuwait.
Iraq stopped making payments in 2014 during the war on ISIS terrorist gangs that controlled large parts of the country, but it resumed payments in 2018.

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