In a statement, the Iraqi Foreign Ministry attributed the abolishment of the UN sanctions after 27 years in place to “diplomatic successes”, Anadolu Agency reported.

This decision “is an important step in the restoration of Iraq’s natural status and international standing,” ministry spokesman Ahmed Mahjoub said.

The UN Security Council imposed the sanctions on Iraq under Chapter VII and created the oil-for-food program, which allowed the former regime of Saddam Hussein to sell oil in the world market for buying humanitarian needs of its citizens.

Speaking to Anadolu Agency, Iraqi legal expert Tarek Harb said Iraq was effectively removed from under Chapter VII sanctions four years ago.

At the time, he said, Iraq owed $4.6 billion to Kuwait in the form of investments and gas shipments.