The United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses due to Iraq’s 1990 invasion of Kuwait, has made $1.3bn available to two successful claimants.
The latest round of payments brings the total amount of compensation disbursed by the Commission to $40.1bn for more than 1.5 million successful claims of individuals, corporations, governments and international organisations, leaving some $12.3bn remaining to be paid.
Successful claims are paid funds monies drawn from the UN Compensation Fund, which is financed by a percentage of the proceeds generated by the export sales of Iraqi petroleum and petroleum products.
The UNCC said in a statement that the two remaining claims were awarded compensation for damages to Kuwait’s oil field assets including wells, pipelines and related equipment, and associated production and sales losses.
The Commission was established in 1991 as a subsidiary organ of the UN Security Council.
It has received nearly three million claims, including from nearly 100 governments for themselves, their nationals or their corporations.