U.N. Gulf War reparations body pays out $380mln

Payouts, derived from Iraqi oil sales, are made quarterly as funds become available

  
A U.S. five dollar note is seen in this illustration photo June 1, 2017.

A U.S. five dollar note is seen in this illustration photo June 1, 2017.

REUTERS/Thomas White/Illustration

GENEVA- The United Nations Gulf War reparations body said on Tuesday it paid out a further $380 million for losses due to Iraq's 1990 invasion and seven-month occupation of Kuwait, bringing the total to some $50.7 billion to claimants worldwide.

The U.N. Compensation Commission (UNCC) said Tuesday's payment to Kuwait's government left around $1.7 billion to be paid towards the outstanding claim submitted on behalf of Kuwait Petroleum Corp. for oil output and sales losses as a result of damages to oilfields.

Payouts, derived from Iraqi oil sales, are made quarterly as funds become available.

The UNCC statement said that under a 2017 decision, payments had been set at 0.5% of Iraqi oil proceeds for 2018, 1.5% for 2019, and 3% for 2020 and until outstanding compensation has been paid in full.

(Reporting by Stephanie Nebehay; Writing by Ghaida Ghantous; Editing by Alex Richardson) ((ghaida.ghantous@thomsonreuters.com;))


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