Arab Studies Quarterly (ASQ)

The financial implications of economic sanctions against Iraq.

Arab Studies Quarterly (ASQ) | June 22, 1995 | Copyright

INTRODUCTION

IRAQ'S INVASION OF KUWAIT IN AUGUST 1990 led the United Nations Security Council to authorize economic sanctions against Iraq, followed soon after by the freezing of Iraq's financial assets in Western countries. These actions suspended all trade and financial relations between Iraq and a good part of the world. Today, these sanctions have not only curtailed the rate of growth of the Iraqi economy with serious economic and financial consequences, but also have had social and psychological consequences as well.(1) According to the Iraqi government the…

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