Oil-for-Food Program

…following an investigation into the oil-for-food program, which had allowed Iraq—under UN supervision—to sell a set amount of oil in order to purchase food, medicine, and other necessities. A report described major corruption within the program and revealed that Annan’s son was part of a Swiss business that had won…

The UN-imposed economic embargo on Iraq remained in force during the Persian Gulf War but expired after Iraq withdrew from Kuwait. Since Iraq had refused to withdraw voluntarily, however, in April 1991 the Security Council adopted Resolution 687, which made lifting the embargo…

…corruption in the United Nations Oil-for-Food Program, which had allowed Iraq to sell oil on the world market in order to finance the purchase of infrastructure, food, and medicine (the program was terminated with the start of the Iraq War in 2003). In 2006 Volcker became chairman of the board…