Ending Immunities Granted to the Development Fund for Iraq
May 29, 2014
Signed by: Barack Obama
Signed on: May 27, 2014
Published on: May 29, 2014
May 29, 2014
Signed by: Barack Obama
Signed on: May 27, 2014
Published on: May 29, 2014
Summary
Removes special legal protections from Iraq's money and oil, allowing them to be part of court cases.
What problem does this solve?
After the war, the U.S. protected Iraq's rebuilding money from lawsuits related to the old government. This order removes those protections because Iraq is now more stable and can manage its own old debts.
What does this order do?
Terminates legal protections for Iraqi assets
Ends the special rules from a 2003 order that stopped court actions, like taking property to pay a debt, against the Development Fund for Iraq and Iraqi oil.
Reference
Text:
National emergency remains in effect
Clarifies that this action does not end the national emergency related to Iraq that was declared in Executive Order 13303.
Authorizes Treasury Department action
Gives the Secretary of the Treasury the power to create rules and take actions needed to carry out this order, in discussion with the Secretary of State.
Who does this affect?
- Government of Iraq
- Central Bank of Iraq
- Creditors with claims against Iraq
What is the real world impact?
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Normalizes financial relations with Iraq
Removes special protections put in place during a crisis. This signals that the U.S. sees Iraq as a more stable country that can manage its own money and legal issues on the world stage.
When does this start?
This order takes effect immediately as of its signing on May 27, 2014.