Iraq pays last chunk of $52.4 billion Gulf War reparations - UN

Iraq pays last chunk of $52.4 billion Gulf War reparations - UN
# 09 February 2022 21:50 (UTC +04:00)

Iraq has completed payment of $52.4 billion to compensate individuals, companies and governments who proved damages due to its 1990 invasion and occupation of Kuwait, the United Nations reparations body said on Wednesday.

The U.N. Compensation Commission, set up by the U.N. Security Council after the seven-month occupation of the emirate and U.S.-led defeat of Saddam Hussein's troops in the Gulf War, received a portion of proceeds from Iraqi oil sales. The rate varied over the 30 years and was most recently 3%.

In all, about 2.7 million claims, with an asserted value of $352.5 billion were lodged, but the UNCC approved payment of $52.4 billion covering 1.5 million successful claims.

The largest claim approved by the UNCC was for $14.7 billion in damages incurred by the Kuwait Petroleum Corporation (KPC) after departing Iraqi troops set fire to oil wells.

Payments were suspended between October 2014 and April 2018 because of the Iraqi government's security and budgetary problems in its fight against Islamic State insurgents.

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THE OPERATION IS BEING PERFORMED