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Article: Security council impounds assets. (UN Security Council)(includes related article) (Iraq)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- October 16, 1992
- Author:
CopyrightCOPYRIGHT 1992 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Iraq has reacted with anger to the UN's latest attempt to force it to bend to the will of the international community. Saddam Hussain's embattled regime appears to have lost another round in its struggle to regain control of the Iraqi economy, reports Max Rodenbeck
The UN Security Council voted on 2 October to impound up to $500 million-worth of oil-related Iraqi assets. This tightening of the economic vice is designed to put pressure on Iraq to accept a UN plan which would allow it to export $1,600 million-worth of oil to pay for food, medicines and war reparations.
According to the resolution, proceeds from oil sales predating the August 1990 invasion of ...