Firstly, countries were authorised to permit the import of petroleum, petroleum products and related financial transactions originating in Iraq for a total sum of up to US$ 1 billion every 90 days, subject to the approval of the Committee established in Resolution 661 and that payments made for oil would be made into the escrow account created by the current resolution. Turkey was permitted to charge fees for using the Kirkuk-Yumurtalik pipeline in its territory. The aforementioned would come into force at 00:01 ESTthe day after the President of the Security Council announced that he had received a report by the Secretary-General Boutros Boutros-Ghali, with the provisions remaining in force for an initial period of 180 days. A review would be conducted halfway through this period. The following provisions would come into immediate effect. Independent inspectors and the Committee would inspect oil sales and an escrow account would be established. The account would: Countries were authorised, notwithstanding the provisions of Resolution 661, to export parts and equipment which are essential for the safe operation of the Kirkuk-Yumurtalik pipeline in Iraq and activities associated with it. The costs may be paid by credit pending payment into the escrow account. The Secretary-General was requested to report at 90 days and 180 days during the process, while the Committee was required to develop procedures necessary to implement the above provisions. Both were urged to take effective action to ensure the implementation of the resolution. The Council provided immunity for the petroleum and petroleum products, the escrow account and all personnel working with the United Nations in accordance with the Convention on the Privileges and Immunities of the United Nations. The resolution concluded by reaffirming that none of its provisions should affect Iraq's obligations concerning the repayment of foreign debt, and at the same time should not infringe on its sovereignty and territorial integrity.
Aftermath
Iraq initially rejected the resolution on the grounds that it violated its sovereignty, and did not accept its provisions until January 1996. The programme was formally terminated on 21 November 2003 following the 2003 invasion of Iraq, and its major functions turned over to the Coalition Provisional Authority.
