The UN Security Council decided on Wednesday to lift several longstanding Chapter VII restrictions on Iraqi trade and activity.
In summary, the 15-nation Council passed three resolutions:
- Resolution 1956, which terminates the UN supervised arrangements for the Development Fund for Iraq on June 30, 2011, which will allow Iraq to take full responsibility for its oil revenues;
- Resolution 1957 which ends restrictions related to civilian nuclear cooperation placed on Iraq after the first Gulf War; and
- Resolution 1958, which ends the residual activities of the Oil for Food program.
Baghdad will keep paying 5 percent of its oil revenues into a UN escrow account as war reparations, most of it to Kuwait, despite Iraq’s calls for a renegotiation of those payments so it can use more of its oil money for needed development projects. Iraq still owes Kuwait nearly $22 billion in reparations.
France abstained from the vote on the oil-for-food shutdown; the others measures were adopted unanimously.
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- And click here to read the full text of the UN resolutions.
(Sources: UN, Reuters, Bloomberg, AFP)