IRAQ SANCTIONS COMMITTEE SAYS ISSUES RELATING TO IRAQ'S DEBTS SHOULD BE SETTLED ACCORDING TO COUNCIL RESOLUTIONS
Press Release
IK/220
SC/6386
IRAQ SANCTIONS COMMITTEE SAYS ISSUES RELATING TO IRAQ'S DEBTS SHOULD BE SETTLED ACCORDING TO COUNCIL RESOLUTIONS
19970619 The following was issued today by the Iraq Sanctions Committee:Recently, the Security Council Committee established by resolution 661 (1991), received and considered a number of communications from Member States requesting the Committee's approval to settle commercial debts, incurred by Iraq prior to the Persian Gulf crisis in favour of foreign individuals or companies, through the importation of goods originating from Iraq. The Committee has not been able to accede to such requests on grounds that such transactions are inconsistent with provisions in relevant Security Council resolutions, in particular, paragraph 3 (a) of Security Council resolution 661 (1996).
The Committee wishes to advise, in this connection, that while the sanctions regime does not exonerate Iraq from its debts and obligations incurred prior to the Persian Gulf crisis, issues relating to Iraq's debts should be settled in a way consistent with relevant Security Council resolutions. Claims for compensation may be referred to the United Nations Compensation Commission in accordance with paragraphs 16, 17, 18 and 19 of Security Council resolution 687 (1991).
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