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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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Established in 2006 as a Community of Reality

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    Mazhar Saleh interacts with the Obelisk report: Oil revenues are still deposited in the Federal Bank

    Rocky
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    • Post n°1

    Mazhar Saleh interacts with the Obelisk report: Oil revenues are still deposited in the Federal Bank Empty Mazhar Saleh interacts with the Obelisk report: Oil revenues are still deposited in the Federal Bank

    Post by Rocky Mon 16 Jan 2023, 5:57 am

    [size=38]Mazhar Saleh interacts with the Obelisk report: Oil revenues are still deposited in the Federal Bank under (the protection of the presidential order issued annually by the White House)[/size]


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    January 16, 2023[You must be registered and logged in to see this link.]
    Baghdad / Obelisk: Dr. Mazhar Muhammad Salih, economic advisor to the Prime Minister, Muhammad al-Sudani, said that oil revenues are still deposited in the Federal Bank under (the protection of the presidential order issued annually by the White House), in his comment on the controversy over (receiving oil revenues). In an account and dispose of it later, and that Iraq was not obliged to keep its money in a specific central bank and that from now on it has been able to receive oil revenues in the banks of its choice, and is not limited to the Federal Reserve).
    And Dr. Salih stated: This statement is logically, nationally and rationally correct, but unfortunately, the UN Security Council did not cancel its resolution No. 1483 issued in May 2003, according to which the mechanism for depositing oil revenues in the OPRA oil receipts account opened in the name of the Central Bank of Iraq at the Federal Reserve Bank was approved in New York, which annually enjoys the protection of the executive presidential order issued by the White House from 2003 until today, and UN Security Council Resolution No. His praise for Iraq's commitment to paying $52.4 billion in compensation to those affected by the Kuwait war, or the importance of referring to the end of the work of the United Nations Compensation Commission (UNCC) in Geneva, so that we can act with new mechanisms in creating oil revenues in areas outside the jurisdiction of the United States.
    And he went on: This was confirmed by the Chairman of the Committee of Financial Experts, Abdul Basit Turki, after the issuance of the Security Council resolution last February, noting that Iraq did not come out of the provisions of Chapter VII of the Charter of the United Nations.
    And he went on: By virtue of my follow-up on the issue, the Ministry of Foreign Affairs is in continuous consultations with the United Nations to completely end the Chapter Seven file and its appendices.
    And the obelisk published a treatment written by Dr. Ahmed Ibrihi Ali, in which he said that it is necessary to distinguish between receiving oil revenues in an account and disposing of them later, because Iraq was not obliged to keep its money in a specific central bank. From now on, he can receive oil revenues in the banks of his choice, and is not limited to the Federal Reserve.
    And the Security Council adopted Resolution No. 687 under Chapter VII of the Charter of the United Nations in 1991, obligating Iraq to pay compensation to Kuwait amounting to $ 52.4 billion, taken from the total oil revenues in proportions specified by Security Council resolutions. And it was intended to collect oil revenues in an account to deduct those compensations that Iraq completed paying in early 2022.
    It is known that the Security Council introduced the Iraqi Development Fund (DFI) in Resolution 1483 in 2003 and required, within those new arrangements, to receive oil revenues in a single account with the Federal Reserve in New York, abbreviated as OPRA. His job is to deduct a share of the oil revenues at a specified percentage to put it in the fund that is supervised by the Compensation Committee, and transfer the rest to an account for the Ministry of Finance managed by the Central Bank and from there to other accounts opened by Iraq and disposing of their balances.
    On December 15, 2010, the Security Council, in its 6450th session, adopted Resolution No. 1956 to terminate the Iraqi Development Fund, DFI, on June 30, 2011. The texts of the aforementioned resolution abolished Iraq's restriction to receiving oil revenues in a single account with the US Federal Reserve, New York. But the resolution, 1956, which explicitly stipulated that Iraq was no longer restricted in disposing of its oil revenues, also confirmed that Iraq would continue to pay.
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