On 27 May, President Barack Obama issued a new Executive Order that terminates the immunities from judicial process that were previously granted to assets of the Development Fund for Iraq, the Central Bank of Iraq, and all Iraqi petroleum and petroleum products before title passes to the initial buyer. In a letter to Congress accompanying the Executive Order, President Obama stated that the previous protections afforded the Development Fund for Iraq and the property of the Central Bank of Iraq are no longer necessary because the government of Iraq has made “progress in resolving and managing the risk associated with outstanding debts and claims arising from actions of the previous regime.”

The Iraq sanctions programme has not been modified. Blocked assets of the former Iraqi regime remain blocked, and sanctions imposed on the former regime’s senior officials, their family members, and persons who threaten stabilisation efforts in Iraq remain in place.

Executive Order

Letter to Congress