Financial Crime World

Iraqi Sanctions and Compliance Regulations Intensify: EU Imposes Strict Measures

European Union Takes Tough Stance on Iraq Sanctions

The European Union has imposed a series of restrictive measures on Iraq, including freezing the assets of former President Saddam Hussein and his senior officials, in response to the situation in the country. The measures are designed to comply with United Nations Security Council (UNSC) Resolution 1483 (2003), which called for the establishment of a Development Fund for Iraq and the freezing of assets belonging to former President Saddam Hussein and his regime.

Key Provisions of the Sanctions

  • Asset Freeze: All proceeds from oil exports must be deposited into the Development Fund for Iraq, while funds and economic resources belonging to former President Saddam Hussein and his senior officials are frozen.
  • Arms Embargo: The sale, supply, transfer or export of arms and related material to Iraq by EU nationals is prohibited.
  • Cultural Property Prohibition: The importation, exportation, and dealing in Iraqi cultural property is prohibited.

EU Compliance with UNSC Resolutions

The European Union has taken a tough stance on sanctions against Iraq, with the EU Council adopting a common position in 2003 that imposed strict measures on economic and financial relations with Iraq. The measures were aimed at complying with UNSC Resolution 1483 (2003) and subsequent decisions by the UN Security Council.

Humanitarian Exemptions

In recent years, the European Union has introduced humanitarian exemptions to the sanctions, allowing for asset freezes to be lifted for certain actors involved in humanitarian assistance and other activities that support basic human needs. The exemptions were introduced into EU law following UNSC Resolution 2666 (2016) and have been widely welcomed by human rights groups.

Future of the Sanctions Regime

The Iraqi sanctions regime is set to remain in place until the UN Security Council decides otherwise, with EU officials arguing that it will take time for the situation in Iraq to stabilize before the measures can be lifted.