Security Council resolution 778 (1992) [on the proceeds of sales of Iraqi petroleum and petroleum products]

Decides that all States in which there are funds of the Government of Iraq, or its State bodies, corporations, or agencies, that represent the proceeds of sale of Iraqi petroleum or petroleum products, paid for by or on behalf of the purchaser on or after 6 Aug. 1990, shall cause the transfer of those funds (or equivalent amounts) as soon as possible to the escrow account provided for in resolutions 706 (1991) and 712 (1991); decides that all States in which there are petroleum or petroleum products owned by the Government of Iraq, or its State bodies, corporations, or agencies, shall take all feasible steps to purchase or arrange for the sale of such petroleum or petroleum products at fair market value, and thereupon to transfer the proceeds as soon as possible to the escrow account provided for in resolution 706 (1991) and 712 (1991); urges all States to contribute funds from other sources to the escrow account as soon as possible; requests the Secretary-General: (a) to ascertain the whereabouts and amounts of the said petroleum and petroleum products and the proceeds of sale; (b) to ascertain the costs of UN activities concerning the elimination of weapons of mass destruction, the provision of humanitarian relief in Iraq, and the other UN operations and transfer to the Compensation Fund the percentage referred to in paragraph 10 of resolution 706 (1991) and use of the remainder of funds for the costs of UN activities concerning the elimination of weapons of mass destruction, the provision of humanitarian relief in Iraq, and the other UN operations.

Adopted 14-0-1, 3117th meeting

4 p.

Concerns proceeds of sales of Iraqi petroleum and petroleum products.