- Time: 2024/04/18 20:25:12
- Read: 2,301 times
{International: Euphrates News} On May 22, 2003, former US President George W. Bush issued an executive order to protect the Development Fund for Iraq, in which it deposited the proceeds of oil sales with the aim of protecting it from any legal prosecutions.
More than two decades later, successive US administrations are still renewing this presidential executive order and other orders related to Iraq and aimed at protecting its funds.
Current US President Joe Biden signed the decree extending the state of national emergency related to the situation in Iraq for another year and stating: “There are still obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative and economic institutions in Iraq.”
These obstacles “pose an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well,” the statement added. Therefore, (Joe Biden) has decided that it is necessary to continue the national emergency declared under Executive Order 13303 regarding the stability of Iraq.”
What is Executive Order 13303?
The executive order is intended to protect the Development Fund for Iraq and some other property in which Iraq is interested.
According to the text of the executive order, then-US President George W. Bush saw that there was a threat of seizure or other judicial proceedings against the Development Fund for Iraq and Iraqi oil and oil products and the revenues that arise from them.
The executive order also said that this situation “poses an unusual threat to the national security and foreign policy of the United States, and therefore a national state of emergency has been declared to deal with this threat.”
The order states that any reservation, judgment, decree or other judicial proceeding against the Development Fund for Iraq or Iraqi oil and petroleum products and the proceeds and obligations related to their sale or marketing shall be considered null and void.
The executive order prohibits all U.S. citizens and residents within the United States as well as any entity regulated under U.S. laws from filing lawsuits against Iraqi funds.
According to the US National Emergency Act, not renewing the executive order within 90 days from the date of the previous renewal means that it will become null and void.
Iraq Development Fund
The Development Fund for Iraq was established after 2003, and before that, the funds for Iraqi oil sales were placed in an account managed by the United Nations under what is known as the oil-for-food program.
The mid-1990s passed a UN Security Council resolution on oil for food and provided for the sale of part of Iraqi oil in exchange for the purchase of medicines and food during the era of the Saddam Hussein regime, which suffered international sanctions as a result of its invasion of Kuwait in 1990.
This situation continued until 2003, when a new Security Council resolution was repealed, provided that issues related to the invasion of Kuwait, such as compensation, prisoners and others, were resolved.
https://alforatnews.iq/news/الحصانة-الأميركية-على-أموال-العراق-كيف-بدأت-وماذا-تعني؟
Search 4 Dinar 