US wants changes to UN oil-for-aid contracts

The US has asked the United Nations to tighten contract terms of the Iraq oil-for-aid program to make it harder for Iraq to circumvent restrictions that give the country little say in how petrodollars are spent.The program directed over $17 billion toward relief measures in Iraq last year. A special UN committee approves oil contracts on a monthly basis and dictates how the proceeds are spent.The UK earlier this month sought to change that timetable to every 10 days to better mirror oil market changes. The US favors a 15-day timetable to give traders more time to schedule tankers. Both say changes are needed because Iraq has tried to funnel funds away from the aid program.They allege Iraq...

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