Iraq pays 490 million dollars in compensation to Kuwait

Kuwait received $490 million from Iraq in compensation for damages resulting from the Iraqi invasion of Kuwait in 1990, according to what the Iraqi embassy in Kuwait announced.

The embassy said in a statement issued on Monday, "Iraq paid the State of Kuwait on 10/26/2021, an amount of (490) million dollars, and will work to pay the remaining amount of compensation in early 2022, estimated at about 629 million dollars."

Baghdad has paid out about $50 billion in reparations in the past three decades.

The compensation money comes from a tax levied on sales of Iraqi oil and its products.

Payments were stopped between 2014 and 2018 due to the security crisis in Iraq and the control of ISIS over large parts of the country.

The forces of the regime of former President Saddam Hussein invaded Kuwait in August 1990, before being expelled by the forces of the international coalition in January 1991.

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