UN orders seizure of Iraq's frozen assets
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.NEW YORK (Reuter) - The United Nations Security Council adopted a resolution last night ordering the seizure of hundreds of millions of dollars in frozen Iraqi oil assets to pay for relief aid to Kurds and compensation to victims of Baghdad's invasion of Kuwait. The unprecedented resolution was adopted by a vote of 14 to 0 with China casting the sole abstention in the 15-member council.
The United States, which has been pushing for the seizure for months, believes the frozen assets would yield anywhere from dollars 300m ( pounds 175m) to dollars 1bn, mostly from US accounts. The resolution allows states to seize oil-related funds frozen abroad and petroleum impounded when economic sanctions were imposed four days after the invasion of Kuwait. Iraq has been able to use some of its frozen funds abroad to purchase humanitarian supplies exempt under the sanctions. But the new resolution would block these provisions and force states to channel such funds through the United Nations, which Iraqi sources have likened to robbery.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments