Jun 19, 2013

It appears that the paperwork that the Iraqi and Kuwaiti governments filed with UN Secretary Ban Ki Moon have been approved. It is not likely that any nation will object to the removal of sanctions when such action is recommended by the Secretary.

The Times of Oman (newspaper) is reporting this.

http://www.timesofoman.com/News/Article-18225.aspx

UN leader Ban Ki-moon on Tuesday called for the end of the threat of sanctions against Iraq for its 1990 invasion of Kuwait amid a significant thaw between the neighbors.
Ban said both governments have shown "statesmanship and respect" in healing the scars of the invasion that led to the creation of an international coalition to expel Saddam Hussein's forces....

He called on the 15-nation council to lift the threat of sanctions or force under Chapter VII of the UN Charter. The council is to discuss the Iraq-Kuwait regime next week.

(Ban said) "Should the Security Council agree with my recommendations, Iraq will exit Chapter VII with regard to this file and and will be one step closer to restoring its standing priority to resolution 661."

This is the resolution preventing Iraq's currency from trading around the world. These economic sanctions, imposed in August 1990, destroyed Iraq's economy and the value of its currency. Removing these Chapter VII sanctions means that they will be able to restart world trade in dinars and will regain their frozen assets to back the new value of their currency.