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UN fund pays $990m in Kuwait compensation

United Nations panel that settles claims for damages resulting from Iraq's 1990 invasion of Kuwait makes new payment.

Last updated: 24 Apr 2014 13:08
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The payments are financed by a 5 per cent tax on the export of Iraqi oil [Reuters]

A United Nations panel that settles claims for damages resulting from Iraq's 1990 invasion of Kuwait has paid out another $990 million.

The payment on Thursday by the UN Compensation Commission brings the total amount paid so far to the government of Kuwait to $45.5 billion.

The commission says the latest payment goes toward settling a claim by the Kuwait Petroleum Corp. for production and sales losses resulting from damage to the country's oil fields.

The commission says another $6.9 billion remains to be paid from that award, which at $14.7 billion was the largest the panel made.

The Geneva-based commission was established by the UN Security Council in 1991 and is funded by a 5 per cent tax on the export of Iraqi oil. Iraq makes payments every three months.

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Source:
Associated Press
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