The Compensation Commission, set up by the United Nations Security Council after the seven-month occupation and the defeat of Saddam Hussein’s US-led forces in the Gulf War, had received a portion of the proceeds from oil sales. The percentage has varied over the thirty years and was recently three percent.
In total, the committee received about 2.7 million compensation requests, worth $352.5 billion, but the Compensation Committee approved 1.5 million requests that met the required conditions, and their owners received $52.4 million.
The value of the largest claim approved by the United Nations Compensation Committee amounted to 14.7 billion dollars and was in favor of the Kuwait Petroleum Corporation for the damages it sustained after Iraqi forces set fire to oil wells.
Payments were suspended between October 2014 and April 2018 due to the government’s security and budgetary issues during its fight against ISIS. ISIS.
“With the final payment of compensation on January 13, 2022, all compensation approved by the committee has now been paid in full,” the Geneva-based Compensation Committee said in a statement after a closed meeting of its board of directors.
She added that “the Government of Iraq has fulfilled its international obligations to compensate all applicants whom the committee agreed to compensate for the losses and damages they sustained as a direct result of Iraq’s illegal invasion of Kuwait.”
“We commend Iraq for completing payments for all applications submitted by the UN Compensation Commission… It is a historic achievement,” Bathsheba Crocker, America’s ambassador to the United Nations in Geneva, said on Twitter on Tuesday.
Her tweet came after talks with Qahtan al-Janabi, Iraq’s undersecretary for legal affairs and multilateral relations, and other diplomats ahead of a meeting on Wednesday.