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 UN 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.
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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 percent of Iraqi oil proceeds for 2018, 1.5 percent for 2019, and 3 percent for 2020 and until outstanding compensation has been paid in full.
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