A UN panel that settles claims for damages resulting from Iraq's 1990 invasion of Kuwait has paid out another USD 1.03 billion, bringing the total so far to USD 44.5 billion.
The UN Compensation Commission said today that the money went toward settling the last award that has still to be paid in full. It results from a claim by the Kuwait Petroleum Corporation for production and sales losses from damage to the country's oil fields.
The commission says another USD 7.8 billion remains to be paid from that award, which at USD 14.7 billion was the largest the panel made.
The Geneva-based commission was established by the U.N. Security Council in 1991 and is funded by a 5 percent tax on the export of Iraqi oil. It makes payments every three months.
