Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest
Headline: Blocks Claims Against Iraq Development Fund and Iraqi Oil
What it does: Agencies must prohibit and void seizures or judicial claims on the Development Fund for Iraq and Iraqi oil unless specifically licensed under this order.
- Stops creditors or courts from seizing Iraq's fund and oil proceeds in the United States.
- Gives the Treasury authority to write rules managing access to the fund.
- Limits legal claims against Iraqi petroleum held or controlled by people in the United States.
Summary
This order declares a national emergency to protect the Development Fund for Iraq and Iraqi oil revenues from legal seizure. It bars attachments, judgments, liens, executions, garnishments, or other court actions against the fund, Iraqi petroleum and related proceeds that are in the United States or in the possession of people or entities in the United States unless licensed under the order.
It affects anyone trying to seize Iraqi assets in United States courts and gives the Treasury Secretary, with the Secretaries of State and Defense, authority to issue rules to protect the fund and oil proceeds.
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