U.N. vote renews asset protection
The U.N. Security Council voted unanimously to maintain protection for billions of dollars of Iraqi assets against seizure by governments, companies or individuals through 2009.
Iraq’s financial assets, oil shipments and property are shielded by a U.N. resolution authorizing the U.S.-led multinational force in Iraq. The mandate expires Dec. 31 and is being replaced by a U.S.-Iraq pact, but Iraq sought a new resolution to maintain United Nations protection of its assets.
Revenues from Iraq’s oil and natural gas exports are held in a development fund that has about $20 billion, from which the Iraqi government withdraws as required. The central bank’s foreign reserves are in another fund.
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