(United Nations) The United Nations Security Council on Tuesday unanimously adopted a resolution supporting the end of the United Nations Compensation Commission that allowed Kuwait to recover $52.4 billion from Iraq. Compensation for damage caused by its invasion in August 1990.

The resolution “decides to terminate the mandate of the Commission” and judges that it “has fulfilled its mandate”. The text “confirms that the Iraqi government is no longer required to pay into the Fund” a percentage of the proceeds of export sales of petroleum, petroleum products and natural gas, managed by the commission.

The Security Council “confirms that the Commission’s claims process is now complete and final and that no further claims will be made to the Commission,” reads the resolution prepared by the UK.

“Iraq today is turning a page that lasted 30 years,” Iraqi Foreign Minister Fouad Mohamed Hussein told the Security Council.

“It Opens a New Chapter” […]Welcoming the multilateral success achieved with the commission, the Iraqi minister promised, “a new era” in which Iraq will seek to develop its relations and cooperation, especially with the United Nations. This institution is unprecedented and the future, if need be, can serve as a model for

Created in May 1991 by Security Council Resolution 692, the commission was charged with managing financial compensation owed by Iraq and financed by a 5% tax imposed on the sale of petroleum and petroleum products from Iraq.

Over the past three decades, approximately 3 million compensation claims have been honored.

Compensation was distributed to individuals, companies, government organizations and other organizations that had suffered direct losses as a result of the Iraqi invasion and occupation.

The commission is considered a model for reconciliation. Its final report to the Security Council was formally accepted on 9 February in Geneva.