United Nations Security Council Resolution 706
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The United Nations Security Council Resolution 706 was submitted by the United States of America in August of 1991, following the sanctions placed on Iraq for their invasion of Kuwait, as a way for Iraq to sell oil in exchange for humanitarian goods in a way similar to that which was later implemented in the oil for food program.
The program would have allowed Iraq to sell up to $1.6bn of oil over a six month period. A portion of the proceeds would have been allocated towards compensation to Kuwait.
Iraq refused to sell the oil under this resolution.
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