U.S. Treasury Secretary John Snow Wednesday announced the lifting of several U.S. economic sanctions against Iraq.
Mr. Snow says the sanctions are being lifted to assist efforts to rebuild Iraq. The U.S. Treasury Secretary says the treasury is lifting the sanctions by issuing a series of licenses that permit specific transactions with Iraq.
"The first set of these licenses will allow those who wish to provide humanitarian aid to Iraq to begin doing so immediately," he said. "Through the second license permitting personal remittances, American friends and families of those in Iraq who once could only watch the Iraqi people suffering beneath the weight of the tyrant will now be able to contribute to Iraq's rebirth and renaissance."
U.S. residents will now be allow to send up to $500 a month to Iraq.
Mr. Snow says the sanctions are being waived because Saddam Hussein is no longer in power. "The regime that was once the target of our economic sanctions has been extinguished. And our mission now is to rebuild Iraq and provide much needed humanitarian aid," he said.
The United States is hoping the United Nations Security Council will act within the next few days to lift U.N. economic sanctions against Iraq.