Continuation of the National Emergency Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest

This notice continues for one year the national emergency declared on May 22, 2003, protecting Iraqi assets—including the Development Fund for Iraq, Iraqi petroleum, and the Central Bank of Iraq—from attachment or judicial process. The continuation maintains sanctions and blocking authorities established by Executive Orders 13303, 13315, 13350, and 13364 to support Iraq's reconstruction and stability.

Federal Register Open PDF 70 FR 29435

Impact dates

May 22, 2006
Continued national emergency expires unless further extended

Key directives

Continue national emergency protecting Development Fund for Iraq and related Iraqi property for 1 year beyond May 22, 2005
Maintain measures adopted May 22, 2003, August 28, 2003, July 29, 2004, and November 29, 2004
Publish notice in Federal Register
Transmit notice to Congress

Timeline

Immediate

National emergency continues in effect beyond May 22, 2005
Blocking of specified Iraqi assets and property remains active

Near term (90d)

Annual review and potential congressional oversight of continued emergency

Long term

Emergency subject to renewal or termination in May 2006
Ongoing protection of Iraqi reconstruction funds contingent on political and security conditions in Iraq

Risks & tensions

Statutory requirement for annual continuation under National Emergencies Act creates procedural burden but no substantive policy change
Limitation on protections for post-June 30, 2004 contracts and initial petroleum purchasers reflects tension between asset protection and normal commercial relations
Continued reliance on emergency authorities 2 years after initial declaration suggests enduring instability in Iraq