Iraq To Pay Kuwait 1.5 Percent Of Oil Proceeds As Compensations
United Nations Compensation Commission (UNCC) Governing Council said on Thursday that Iraq would pay, effective early next year, 1.5 percent worth of oil sales’ proceeds to the UNCC compensations fund.
The council said in a statement said this move would be in line with its resolution 276/2017 with respect of installments’ payment in 2018. Kuwait, during inauguration of the current council session, expressed appreciation of the commission secretariat and its role in distributing repatriation installments.
Chairman of Kuwait’s Public Authority for Assessment of Compensation Resulting From Iraqi Aggression Khaled Al-Mudhaf stated that Kuwait received, earlier this year, three compensation installments, each valued at $90 million. The remaining sum that should be paid to Kuwait is approximately $4.4 billion.
The UNCC was formed in 1991 as a United Nations Security Council body, with the aim of processing claims and paying compensation for losses and damage Kuwait suffered after it was invaded by its larger neighbor.