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Washington stops the automatic deduction of Iraqi oil revenues to compensate Kuwait Economy 2021-12-09 | 05:16 Source: Alsumaria news 3,519 views The Chairman of the Committee of Financial Experts, Abdul Basit Turki, revealed today, Thursday, that the US Federal Reserve has stopped the automatic deduction from Iraqi oil revenues in favor of Kuwait’s compensation. Turki said in an interview with Alsumaria News, “The Committee of Experts received a notification from the Central Bank of Iraq and the Compensation Committee, stating that the US Federal Reserve had stopped the deduction,” noting that “a final batch of Kuwait’s compensation amounting to 43 million dollars will be paid through the Central Bank of Iraq as a payment. One for Iraq to end these compensations in full, which amount to 52.38 billion dollars. And he indicated that Iraq should seek to get out of the provisions of Chapter VII of the UN Charter. Turki called for "the Ministry of Foreign Affairs and the concerned authorities to move to urge the formulation of a draft resolution that includes removing Iraq from the provisions of Chapter VII of the Charter of the United Nations 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, in the compensation account with the US Federal Reserve, to end the compensation file completely. 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 on ISIS, which controlled large parts of the country, but resumed payments in 2018.
