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27 May 2003

Snow Announces Lifting of U.S. Sanctions on Iraq

(Urges other nations to promote trade with Iraq) (460)
Treasury Secretary John Snow announced the lifting of most U.S.
economic sanctions against Iraq on May 27, allowing the free flow of
commerce between Iraq and the United States, according to a Treasury
Department press release.
Snow said the United States has acted rapidly to implement the May 22
U.N. Security Council resolution that ended U.N. sanctions against
Iraq, the press release said.
"It is vital that other nations take immediate steps to do the same,"
the press release said.
Following is the text of the Treasury Department press release:
(begin text)
FROM THE OFFICE OF PUBLIC AFFAIRS
May 27, 2003
Snow Announces Lifting of U.S. Iraq Sanctions
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.
(end text)
(Distributed by the Bureau of International Information Programs, U.S.
Department of State. Web site: http://usinfo.state.gov)