Modifying the Protection Granted to the Development Fund for Iraq and Certain Property in Which Iraq Has an Interest and Protecting the Central Bank of Iraq
Headline: Limits Court Claims Against Iraq Fund and Central Bank Assets
What it does: Agencies must bar court seizures of the Development Fund, Iraqi oil (until first sale), and Central Bank assets, except for final judgments from contracts made after June 30, 2004.
- Prevents creditors from attaching or seizing Iraq's development funds and assets.
- Protects proceeds from Iraqi oil sales until the initial purchaser holds title.
- Requires U.S. banks and agencies to refuse enforcement of covered judgments.
Summary
This order narrows prior emergency steps to block lawsuits and other court actions against key Iraqi assets. It says court attachments, judgments, liens, and similar actions are void for the Development Fund for Iraq, Iraqi oil and its proceeds until the first buyer takes title, and accounts or assets of the Central Bank of Iraq, but it allows final judgments based on contracts the Iraqi government made after June 30, 2004.
The order also authorizes the Treasury, working with the State Department, to issue rules and directs U.S. agencies to carry out the order.
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