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EO 13303Executive OrderG.W. Bush · R Quiet signal

Executive Order 13303

Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest

This executive order shields Iraqi oil revenues and the Development Fund for Iraq from all U.S. legal judgments, liens, or court-ordered seizures, declaring them immune from judicial process to facilitate Iraq's reconstruction. It simultaneously lifts prior sanctions on these specific assets while maintaining other restrictions.

Federal Register Open PDF 68 FR 31931

Impact dates

  1. Effective date of order and establishment of Development Fund for Iraq immunity

Key directives

  • Prohibit and void all judicial processes against Development Fund for Iraq and Iraqi petroleum/petroleum products (Section 1)
  • Exempt covered Iraqi oil assets from prior sanctions EOs 12722, 12724, and 13290 (Section 2(a))
  • Authorize Treasury Secretary to issue implementing regulations with State and Defense consultation (Section 4(a))
  • Direct all federal agencies to take appropriate measures to carry out order (Section 4(a))

Who is ordered

Timeline

Immediate

  • Immunity from judicial process takes effect upon signing
  • Prior EOs 12722, 12724, and 13290 cease to apply to covered Iraqi oil assets
  • Development Fund for Iraq established on or about May 22, 2003 receives protection

Near term (90d)

  • Treasury Department to promulgate implementing rules and regulations
  • Agencies to align enforcement with new immunity framework

Long term

  • Ongoing shielding of Iraqi oil revenues from legal claims during occupation and reconstruction period
  • Potential precedent for sovereign asset immunity in conflict zones

Risks & tensions

  • Creates tension with creditors holding valid judgments against Iraq—legal claims are overridden without compensation mechanism
  • Vague scope of 'interests therein' and 'financial instruments of any nature whatsoever' may produce litigation over coverage boundaries
  • Potential conflict with international law obligations or bilateral investment treaties
  • Concentration of authority in Treasury with consultation rather than concurrence from State/Defense may create interagency friction
Executive Order 13303: Protecting the Development Fund for Iraq and Certain Other Property in Which Iraq Has an Interest · Executive Orders