The UN Security Council's compensation agency has announced Baghdad's desire to settle war reparations by 2021. Iraq had suspended compensation payments following the rise of the "Islamic State" militant group.
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"The (UNCC's) governing council welcomed receipt of a proposal for deposits to resume into the compensation fund in 2018 put forward by the government of Iraq and accepted by the government of Kuwait," the Commission said in a statement.
Under Iraq's latest proposal, Baghdad will provide 0.5 percent of its oil proceeds in 2018 to the compensation fund, with the percentage increasing gradually until the end of 2021.
"Based on oil price and export projections, this would result in payment in full of the outstanding claim award," the Commission added.
The US, backed by the UK, France and Saudi Arabia, launched operation Desert Storm to reclaim territory seized by Kuwait during the First Gulf WarImage: picture-alliance/AP Photo/J. Maps
War reparations
The UNCC was established in 1991 as a subsidiary organ of the UN Security Council to "process claims and pay compensation for losses and damages suffered as a direct result of Iraq's unlawful invasion and occupation of Kuwait in 1990-91."
In 2005, the Commission finished processing 2.7 million claims amounting to $352.5 billion (300 billion euros). It awarded compensation amounting to $52.4 billion to 1.5 million successful claimants.
Baghdad had to temporarily halt payments in October 2014 due to "difficult security circumstances" associated with the rise of the "Islamic State" militant group earlier that year. Iraq is expected to pay Kuwait the remaining $47.8 billion in damages to Kuwait's oilfield assets.
When the Iraqi army retreated months after invading and occupying Iraq in 1990, it set fire to Kuwait's oilfields, enacting a devastating toll on the Middle East nation's petroleum-based economy.
What is the 'Islamic State'?
IS has gone from an obscure al-Qaida splinter group to a global phenomenon. DW takes a look at the defining aspects of the jihadi group — from its "caliphate" to its tactics.
Image: picture-alliance/AP Photo/Al-Furqan
Where did it come from?
The "Islamic State" (IS) — also known as ISIL, ISIS and Daesh — is an al-Qaida splinter group with a militant Sunni Islamist ideology. It emerged in the aftermath of the US-led invasion of Iraq in 2003 and is led by Abu Bakr al-Baghdadi. Their goal is to create a worldwide "caliphate." It gained worldwide notoriety in 2014 after a blitzkrieg military campaign that resulted in the capture of Mosul.
Image: picture-alliance/AP Photo
Where does it operate?
IS is believed to be operational in more than a dozen countries across the world. It controls territories in Iraq and Syria. However, the group has lost much of the territory it controlled in Iraq and Syria at the height of its expansion in 2014.
Who is fighting back?
The US leads an international coalition of more than 50 countries, including several Arab nations. Russia, Iran and its Lebanese Shiite ally Hezbollah, which all support the Syrian government, also fight IS. Regional forces such as the Kurdish peshmerga (above) and US-backed Syrian Kurdish fighters, fight IS on the ground. The Iraqi army and militia have pushed IS from large parts of the country.
Image: picture-alliance/abaca/H. Huseyin
How does it fund itself?
One of IS' main sources of income has been oil and gas. At one point, it controlled an estimated one-third of Syria's oil production. However, US-led airstrikes deliberately targeted oil resources and the Syrian government as well as US-backed Syrian Kurdish fighters have retaken most oil wells. Other means of income include taxes, ransom, selling looted antiquities and extortion.
Image: Getty Images/J. Moore
Where does it carry out attacks?
IS has claimed responsibility for numerous terrorist attacks across the globe. The militant group has targeted capitals across the EU, including Berlin, Brussels and Paris. IS leaders have encouraged so-called "lone wolf" attacks, whereby individuals who support IS carry out terrorist acts without the direct involvement of the group.
Image: picture-alliance/AP Photo/M. Spingler
What other tactics does it use?
The group uses various tactics to expand its power. IS fighters have looted and destroyed historical artifacts in Syria and Iraq in an attempt at "cultural cleansing." The group has also enslaved thousands of women from religious minority groups, including Yazidis. IS also uses a sophisticated social network to distribute propaganda and recruit sympathizers.
Image: Getty Images/AFP/J. Eid
How has it impacted the region?
IS has further exacerbated the ongoing Syrian conflict. Millions of Syrians and Iraqis have fled their homes, many traveling to Europe in pursuit of refuge. Although it has lost all of its strongholds, the militant group has left extraordinary destruction in its wake. Areas affected by the militant group's rule will likely take years to rebuild.
