From: rich@pencil.cs.missouri.edu (Rich Winkel)
Subject: UN appropriates Iraqi assets
Followup-To: alt.activism.d
Originator: rich@pencil.cs.missouri.edu
Organization: PACH
Date: Fri, 9 Oct 1992 08:15:24 GMT

/** mideast.gulf: 25.0 **/
** Topic: IPS/UNITED NATIONS/OCTOBER 1992 **
** Written 10:53 pm  Oct  5, 1992 by pnmideast in cdp:mideast.gulf **
From: <pnmideast>
Subject: IPS/UNITED NATIONS/OCTOBER 1992

/* Written 12:18 am  Oct  5, 1992 by newsdesk in cdp:ips.englibrary */
/* ---------- "UNITED NATIONS: Part of Iraq's froz" ---------- */
Copyright Inter Press Service 1992, all rights reserved.  Permission to re-
print within 7 days of original date only with permission from 'newsdesk'.

Title: UNITED NATIONS: Part of Iraq's frozen assets appropriated


new york, oct 2 (ips) -- in an unprecedented move, the u.n.
security council friday overwhelmingly adopted a resolution
seizing part of iraq's oil revenues in banks abroad.

in a resolution passed 14 to none, with china abstaining, the
council sought to have the seized revenues finance humanitarian
activities in iraq and pay compensation to victims of the invasion
of kuwait and of the 1991 gulf war.

in a last-minute offer, iraqi foreign minister mohammed al-
sahaf proposed to the non-aligned movement (nam) members of the
council an alternative source of financing u.n. operations:
allowing iraq to sell four billion dollars worth of oil, a portion
of which could go to the u.n. compensation fund and humanitarian
activities.

but  council members turned down the offer. iraq has
consistently refused to accept earlier resolutions 706 and 712
which created a mechanism to fund u.n. operations in its
territory.

friday's resolution sponsored by britain, france, russia, the
united states, hungary and japan, enables the united nations to
confiscate part of iraq's oil revenues which were frozen when the
oil embargo was imposed on it aug. 6, four days after the invasion
of kuwait.

an estimated one billion dollars is expected to be collected
from iraq's frozen assets abroad. iraq had three to four billion
dollars in foreign banks, mainly in the united states, when the
united nations sanctions were imposed on the country.

the assets will finance the world body's humanitarian
activities in iraq, the work of the special commission in charge
of destroying baghdad's wespons of mass destruction, and that of
the boundary demarcation commission. a portion of the seized
assets will go to the u.n. compensation fund set up to pay victims
of iraq's invasion of kuwait.

explaining its abstention on friday's vote, china said the
''extraordinary measure'' of seizing frozen assets abroad was
''unnecessary'' as iraq had expressed its willingness to resume
negotiations with the united nations on the issue.

''we should also like to point out that the seizing of a
country's frozen assets abroad is a matter that concerns the
sovereignty of that country and involves complicated legal
implications,'' ambassador li daoyu of china said. (more/ips)

united nations: part of iraq's frozen assets appropriated(2-e)

united nations: part of iraq's (2)

supporting the resolution, the united states said it was ''a
reasonable and proportionate response to iraq's intransigence.''

''iraq's refusal to accept resolutions 706 and 712 has
prevented its own population from receiving humanitarian
relief...we believe that the security council was right in waiting
no longer for iraq to implement these resolutions,'' said
ambassador edward perkins of the united astates.
(end/ips/ip/am/yjc/92)

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