Iraq will leave “Chapter VII” in early 2022
Thursday - Jumada I 5 1443 AH - December 09, 2021
Baghdad: Fadel Al-Nashmi
The Chairman of the Committee of Financial Experts, Dr. Abdul Basit Turki, expected that Iraq will get rid, early next year, 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 Iraq’s invasion of it in August 1990. .
according to Turki, who oversees the committee on Iraqi funds derived from the production and export of petroleum and petroleum products shall be deposited in a sub - account with the reserve Bank Fed in New York, the «Iraqi Central Bank will repay the full remaining amount of compensation directly, after turning off the automatic deduction». In an interview with Asharq Al-Awsat, Turki called for "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 United Nations Charter 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 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 annulment 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 against ISIS, which controlled large parts of the country, but it resumed payments in 2018.
Former Iraqi Foreign Minister Hoshyar Zebari announced in June of 2013 that the “Council of Security decided to remove Iraq from under Chapter VII, and Resolution No. 2108 became a “historic day.” But Turki described Zebari's statement as "inaccurate and misleading." Because "the council's resolution stipulated stopping the use of force against Iraq only."
Contrary to reality, and Turki's words, Zebari said that after the resolution was issued, Iraq became "liberated from the regime of sanctions and isolation."
Turki said, “The restrictions are still in force; Because Iraq has not completely escaped the provisions of Chapter VII, despite Zebari's assertion at the time that "Iraq has returned to occupy its natural financial and banking position."
In a related context, according to the financial advisor to the Iraqi Prime Minister Mazhar Muhammad Salih, "Iraq will end Kuwait's compensation file in early 2022."
Saleh said in a press statement earlier, that “Iraq has finally paid 490 million dollars of the compensation amounts approved by the United Nations Compensation Committee, and will work to pay the remaining amount of the total compensation, estimated at 629 million dollars, at the beginning of 2022, to close the compensation file. Permanently".
Yesterday, the Central Bank of Iraq received a notification from the General Secretariat of the United Nations in Geneva, indicating that the remaining amount of compensation is 43 million US dollars.
It is noteworthy that the Committee of Financial Experts headed by Dr. Abdul Basit Turki, a former head of the Financial Supervision Bureau and the Central Bank, was established based on a decision of the Council of Ministers, and began its work in early April 2007; To be an alternative supervisory body for the International Advisory and Monitoring Board, which is currently supervising the expenditure of Iraqi public funds derived from the production and export of oil and petroleum products, which are deposited in an opening account at the Federal Reserve Bank in New York, based on Security Council resolutions issued after the overthrow of the President’s regime The late Saddam Hussein, on behalf of the "Development Fund for Iraq". This account has been granted international immunity so that it is not subject to seizure or confiscation as a result of decisions of international courts, which may be issued by lawsuits and claims against the former regime.
The “Development Fund for Iraq” and another account was established by Security Council Resolution 1483 in May 2003 to manage the revenues of crude oil and oil products exported from Iraq, the remaining balance of the “oil for food” program and receipts from frozen assets from the former regime.
It is expected that the Central Bank of Iraq will pay the last installment, before the end of this year. Thus, Iraq has paid $52.38 billion in compensation for the repercussions of its invasion of Kuwait
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