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Middle East

U.N. fund pays $990 million in Kuwait compensation

  • Kuwaiti Foreign Minister Sheikh Sabah Khaled al-Sabah attends a meeting with his Qatari counterpart (unseen) on April 23, 2014 at the foreign ministry in Kuwait City. AFP PHOTO / YASSER AL-ZAYYAT

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

The payment Thursday by the U.N. Compensation Commission brings the total 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 U.N. Security Council in 1991 and is funded by a 5 percent tax on the export of Iraqi oil. It makes payments every three months.

 
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