The Compensation Fund

     The United Nations Compensation Fund was established pursuant to Security Council resolution 692 (1991) to pay compensation to successful claimants. The Fund receives a percentage of the proceeds generated by the export sales of Iraqi petroleum and petroleum products. This percentage was originally set at 30 per cent by the Security Council under resolution 705 (1991), and was maintained in Security Council resolution 986 (1995) as well as in a number of subsequent resolutions. The level of funding was changed to 25 per cent in December 2000 under Security Council resolution 1330 (2000)

     The level of the proceeds of all export sales of Iraqi petroleum, petroleum products, and natural gas to be deposited into the Compensation Fundevel was changed to 5 per cent under paragraph 21 of Security Council resolution 1483 (2003), adopted on 22 May 2003. This percentage has been reaffirmed in subsequent resolutions, most recently under Security Council resolution 1956 (2010).