Invasion of Kuwait of Kuwait was unanimously condemned by all major world powers. Even countries traditionally considered to be close Iraqi allies, such as France and India, called for immediate withdrawal of all Iraqi forces from Kuwait. Several countries, including the Soviet Union and China, placed arms embargoes on Iraq. NATO members were particularly critical of the Iraqi occupation of Kuwait and by late 1990, the United States had issued an ultimatum to Iraq to withdraw its forces from Kuwait by 15 January 1991 or face war. On 3 August 1990, the UN Security Council passed Resolution 660 condemning the Iraqi invasion of
Kuwait the stock market crash. In 1990, Kuwait was invaded, and later annexed, by Saddam's Iraq. The Iraqi occupation of Kuwait came to an end in 1991 after military intervention by a military coalition led by the United States. Kuwait is a major non-NATO ally of the United States. It is also a major ally of ASEAN, while maintaining a strong relationship with China. Kuwait is a constitutional sovereign state with a semi-democratic political system. Kuwait has a high-income economy backed by the world's sixth largest oil reserves. The Kuwaiti dinar is the highest valued currency in the world. According to