UN Compensation Commission pays out 380 millions $ to Kuwait from Iraqi Oil Exports

UN Compensation Commission pays out 380 millions $ to Kuwait from Iraqi Oil Exports

Kuwait Oil Fires — www.nasa.gov

Successful claims are paid from the United Nations Compensation Fund which receives a
percentage of the proceeds generated by the export sales of Iraqi petroleum and petroleum products.

This rate was set at five per cent under Security Council resolution 1483 (2003) and reaffirmed in subsequent resolutions.

Pursuant to Governing Council decision 276 adopted in November 2017, the percentage was set at 0.5 per cent for 2018, 1.5 per cent for 2019 and 3 per cent for 2020.

The rate will remain at 3 per cent until such time as the outstanding compensation has been paid in full.

Payments are made on a quarterly basis utilizing all available funds in the Compensation Fund under Governing Council decision 267 (2009).

Black smoke plumes stream into the skies around Kuwait City in April 1991 five weeks after the fires were set.
Credit: NASA’s Earth Observator

The oily plumes extended three to five kilometers up into the atmosphere and hundreds of kilometers across the horizon.
Credit: NASA’s Earth Observatory

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