There are no longer broad-based sanctions against the country of Iraq, which had been in place since its invasion of Kuwait in 1990. What’s left are targeted sanctions against the remnants of the Saddam Hussein regime, as well as those committed to undermine the stability of the country.
Property of these individuals is blocked, but all property blocked under the broad-based sanctions are now unblocked. Financial transactions with Iraq and exports to the country are now permitted (unless, of course, one of the sanctioned individuals is involved).
The regulations also prohibit the ownership, transfer or sale of cultural artifacts that were removed illegally from that country’s cultural institutions (e.g. the National Library, the Iraq National Museum).
The regulations also shield the assets of Central Bank of Iraq, the Development Fund of Iraq and Iraq’s petroleum products from being held, frozen or seized as part of legal proceedings as long as ownership is still in their hands (e.g. not sold or transferred to other parties).
Lastly, property that comes under the control of the US military or its coalition partners, is exempt from the blocking provisions of the regulations.
Categories: Iraq Sanctions