Brussels, 08/07/2003 (Agence Europe) - On 7 July, the Council adopted by written procedure a new common position on Iraq with regard to restrictions applied to economic and financial relations with the country. These two papers repeal all previous provisions.
In compliance with resolution 1486 adopted on 22 May by the United Nations Security council, sanctions taken on the basis of former Security Council resolutions are repealed with the exceptions of the sale or supply of arms to Iraq. The latter is maintained except for that required by the occupying powers, the United States and the United Kingdom. The Council welcomes the Security Council and the occupying powers' commitment to help reconstruct Iraq and to assist the Iraqi people in moving towards the establishment of an representative government. The sanctions are replaced with specific restrictive measures relating to the proceeds from all export sales of petroleum, petroleum products and natural gas, as well in trade of goods . The regulation also freezes the personal economic resources of the former President Saddam Hussein and officials from his regime. The transfer of these resources will be made to the Development Fund for Iraq.