Security Council Backs Kuwait Claim on Iraq

The United Nations Security Council has agreed to approve Kuwait's $15.9 billion claim against Iraq for lost oil production during Iraq's 1990 invasion and seven-month occupation. The approval is expected to go before the Compensation Commission in Geneva, and Iraq will have to pay 25% of its oil revenues to a compensation fund for Gulf War damages. The decision was reached after negotiations among the US, UK, Russia, France, and China, with the aim of avoiding a split decision that could send a signal of council disunity to Iraq.

Key Takeaways:

• The UN Security Council has agreed to approve Kuwait's $15.9 billion claim against Iraq, the largest claim filed so far.
• The approval is expected to go before the Compensation Commission in Geneva, where envoys from all 15 council members are represented.
• Iraq will have to pay 25% of its oil revenues to a compensation fund for Gulf War damages, down from 30% agreed upon in early December.
• The five permanent members of the UN Security Council negotiated to achieve a consensus, fearing a split decision would send a signal of council disunity to Iraq.
• Iraq has a history of complying with UN resolutions, but the perception that Iraq might disrupt the oil market had given the controversy a high profile.

Statistics:

• The amount of the Kuwaiti claim against Iraq: $15.9 billion
• The percentage of Iraq's oil revenues to be paid to a compensation fund for Gulf War damages: 25%
• The percentage of oil revenues Iraq had to pay to the fund before the agreement: 30%
• The date of the beginning of the UN oil-for-food program: December 1999
• The frequency of the re-evaluation of the 25% payout: every six months

Sources:

• Reuters (no specific date provided)
• Petroleum Finance Co.(no specific date provided)
• Compensation Commission (no specific date provided)

Note: The exact dates for the sources are not provided in the original text, so they are listed without dates.