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UN fund pays $1.03B in Kuwait compensation

Thursday - 1/23/2014, 7:10am  ET

GENEVA (AP) -- A U.N. panel that settles claims for damages resulting from Iraq's 1990 invasion of Kuwait has paid out another $1.03 billion -- bringing the total so far to $44.5 billion.

The U.N. Compensation Commission said Thursday that the money went toward settling the last award that has still to be paid in full. It results from a claim by the Kuwait Petroleum Corporation for production and sales losses from damage to the country's oil fields.

The commission says another $7.8 billion remains to be paid from that award, which at $14.7 billion was the largest the panel made.

The Geneva-based commission was established by the U.N. Security Council in 1991 and is funded by a 5 percent tax on the export of Iraqi oil. It makes payments every three months.

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