Iraq announced its removal from Chapter VII sanctions by the UN, which it has been subject to since 1990, after paying full financial compensation to Kuwait for the Gulf War in the 1990s.
This announcement was made by the Iraqi Foreign Minister, Fuad Hussein, in a speech before the Security Council, according to a statement issued by the Iraqi Foreign Ministry, where he stated that Iraq "has concluded an important 30-years-long chapter and embarks on a new chapter in its diplomatic, political and economic journey."
Iraq has been subject, since 1990, to Chapter VII sanctions according to the UN Charter, which were imposed on it after former President Saddam Hussein's regime invaded the State of Kuwait.
Chapter VII allows the use of force against Iraq "as it constitutes a threat to international security", in addition to freezing large amounts of its financial assets in international banks to pay compensation to those affected by the invasion.
The Minister added that Iraq has made the final payment in accordance with its financial obligations and paid the full amount of the due compensation, stressing that "Iraq is no longer required to pay any additional amount in the future."
He pointed out that the Iraqi government confirms that working with the UN Compensation Commission was a successful model for multilateral action.
He explained, "The Government of Iraq considers the full fulfilment of its international obligations towards the international community and the State of Kuwait as a great development, as it sought to complete this unique model to remove Iraq from all Chapter VII measures."
The members of the Security Council (15 countries) voted unanimously in an open session on February 16, headed by Russian Ambassador, Vasily Nebenzya, on Resolution 2621.
The Resolution states that the Government of Iraq is no longer required to deposit a percentage of the proceeds from export sales of petroleum, petroleum products and natural gas to the United Nations Compensation Commission.
The Resolution provided for the termination of the mandate of the United Nations Compensation Commission, which was formed under Security Council Resolution No. 687 of 1991.
The Central Bank of Iraq announced last December that it paid the full financial compensation approved by the UN for Kuwait due to the Gulf War, amounting to $52.4 billion.
In August 1990, during the rule of the late President Saddam Hussein, Iraq invaded Kuwait, before the Iraqi forces were expelled from there after 7 months by international forces, led by the US during the Second Gulf War.
Baghdad and Kuwait resumed their diplomatic relations in 2003, following the overthrow of Saddam Hussein's regime, after the US invasion of Iraq.