ERBIL (Kurdistan 24) – Iraq resumed making payments on Friday to compensate the government of Kuwait for damage to its oilfields and facilities during the 1990-91 Gulf War, said the United Nations (UN) in a statement that day.
Payments had not been made since October 2014, when the rise of the Islamic State (IS) hurdled Iraq into a security and economic crisis.
“The United Nations Compensation Commission (UNCC) today made available $90 million to the Government of the State of Kuwait,” read the statement.
“With today’s payment, the Commission has paid out $47.9 billion, leaving approximately $4.5 billion remaining to be paid to the only outstanding claim.”
The largest single component of the deal approved by the UNCC is a $14.7 billion claim by the Kuwait Petroleum Corporation.
According to the UN body, if payments are made on schedule, the debt should be repaid by 2021.
In August 1990, Iraq's army occupied Kuwait for seven months after Iraqi officials accused the neighboring country of using so-called "slant" drilling techniques to steal oil from the Rumaila field in Iraq, leading to US-led military action. As Iraqi forces retreated, they set fire to over 600 Kuwaiti oil fields.