(Archived Content)
js-427
Action permits all activities except trade in arms, certain cultural artifacts and transactions with Baath party and certain other Iraqi officials
WASHINGTON, DC U.S. Treasury Secretary John Snow today announced that the Treasury Department's Office of Foreign Assets Control (OFAC) has issued a general license that lifts most U.S. economic sanctions against Iraq. This implements the resolution approved by the United Nations Security Council last Thursday ending the UN's Iraq sanctions. Also, President Bush has signed an Executive Order implementing measures in the UN Security Council resolution to protect from litigation the Development Fund for Iraq, Iraqi petroleum and proceeds from its sale.
Today's action represents President Bush's commitment to return the Iraqi people to the family of trading nations as soon as possible. The U.S. has acted immediately to permit trade between the United States and a newly liberated Iraq and we call on other nations to do the same.
The general license will permit most trade between U.S. and Iraqi entities allowing the free flow of commerce between our two nations. However, trade in arms, trade in certain cultural artifacts illegally removed from Iraq and trade with previously designated persons and certain Baath party officials will continue to be prohibited. Also, the export of certain goods, controlled for export to Iraq for national security purposes, will require a specific license. The U.S. Treasury has acted rapidly to implement the U.N. Security Council resolution. It is vital that other nations take immediate steps to do the same.
In addition, as prescribed in the U.N. Security Council resolution, the President's Executive Order protects the newly established Development Fund for Iraq and petroleum and the proceeds from its sale from legal attachments that result from litigation against the former regime of Saddam Hussein.
Today's announcement follows up on key action taken by the Treasury Department May 7 to permit humanitarian and reconstruction activities to go forward and is a final step in President Bush's effort to lift sanctions against Iraq and initiate a new beginning for the Iraqi people as a trading nation.