UN: Iraq to resume payments of Gulf War reparations to Kuwait

By REUTERS
November 21, 2017 18:48




Breaking news

Breaking news. (photo credit: JPOST STAFF)

GENEVA - The United Nations said on Tuesday it had accepted a proposal from Iraq to pay 0.5 percent of its 2018 oil proceeds towards compensation for $4.6 billion owed to Kuwait for destruction of its oil facilities during the 1990-91 Gulf War occupation.

Payments from the fund, which were suspended since October 2014 due to security and budgetary challenges faced by Iraq, will escalate annually until the end of 2021, the UN Compensation Commission (UNCC) said in a statement, adding that Kuwait had accepted the proposal.

"Based on oil price and export projections, this would result in payment in full of the outstanding claim award," it said, referring to the claim by the Kuwait Petroleum Corporation, the largest approved by the Geneva-based UNCC.


Related Content
Breaking news
December 11, 2017
Rioters throw molotov cocktails, launch fire works at police in Jerusalem

By UDI SHAHAM

Israel Weather
  • 10 - 22
    Beer Sheva
    12 - 23
    Tel Aviv - Yafo
  • 12 - 20
    Jerusalem
    14 - 20
    Haifa
  • 15 - 24
    Elat
    13 - 24
    Tiberias