United Nations Security Council resolution restored Iraq’s monetary sovereignty

BAGHDAD / IraqiNews.com: The United Nations Security Council’s resolution to bring Iraq out of Chapter VII of the UN Charter has restored Iraq’s full sovereignty over its money abroad, the chairman of the parliamentary security and defense committee said on Tuesday. “The resolution is an acknowledgement that Iraq no longer poses a threat to the security of other countries,” Hadi al-Aameri told IraqiNews.com.

The United Nations Security Council on Monday unanimously voted to extend arrangements for depositing the proceeds from sales of petroleum, petroleum products and natural gas into the Development Fund for Iraq and to review all resolutions pertaining to Iraq from 1990.

UN Security Council Resolution 678 was the legal authorization for the Gulf War, which was passed on 29 November 1990. It gave Iraq an opportunity to withdraw from Kuwait by 15 January 1991 and authorized UN member states in cooperation with the government of Kuwait to use “all necessary means to uphold and implement” Chapter VII of the UN Charter, which authorizes the use of force to restore peace. Chapter VII of the United Nations Charter sets forth the powers of the UN Security Council to maintain peace. It allows the council to “determine the existence of any threat to the peace, breach of the peace, or act of aggression” and to take military and non-military action to “restore international peace and security.”