The Central Bank of Iraq (CBI) received the remaining sum from the UN Compensation Fund after paying all compensations to Kuwait relating to the invasion of Kuwait during the rule of late President Saddam Hussein in 1990.
In a statement, CBI said it received $7.9 million, the remaining money in the compensation fund, after delivering the last instalment of Kuwait's compensations.
It explained that the amount was returned to Iraq after auditing the accounts, in line with UN Security Council Resolution 2621 (2022) concerned with completing the compensation file resulting from the invasion.
Iraq announced in 2021 that it had terminated all necessary banking arrangements with the US Federal Reserve Bank to stop the automatic deduction of Kuwait's compensation from the revenues of Iraqi crude oil exports after paying the remaining amount of payment.
The UN Compensation Commission (UNCC) was formed in 1991, the same year the US-led coalition expelled Iraqi forces from Kuwait.
The Commission was tasked with paying $52.4 billion to Kuwaiti individuals, companies, government agencies, and other organizations that suffered losses due to the war. Compensation funds come from a tax imposed on sales of Iraqi oil and its products.
Iraq paid the last compensation in February. In total, Iraq paid around $52 billion.
The Security Council later announced the end of the mandate of the Compensation Commission.
Chairman of the UN Compensation Commission, Michael Jaffe, said that 2.7 million claims had been submitted seeking compensation of $352 billion, explaining that a total of $52.4 billion was awarded to 1.5 million claimants, and the final payment from the Commission was on January 13, 2022.
It represents approximately 15 percent of the total amounts claimed and reflects the comprehensive review conducted by the Commission.
The most significant single claim approved by the Commission was compensation to the Petroleum Corporation, estimated at $14.7 billion, after Iraqi forces set fire to oil wells as they left Kuwait.
