Tag Archives | sanctions

US Sanctions on PMUs puts Iraq in Tough Spot

By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.  The conflict between the United States and Iran has taken a new turn toward escalation against the Iranian-backed armed Shiite factions in Iraq. But this step might harm Washington’s […]

US Collaborates with Iraq to Sanction ISIS Finance Emir

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken action targeting Salim Mustafa Muhammad al-Mansur (Mansur), an Islamic State of Iraq and Syria (ISIS) finance emir. Mansur was designated as a Specially Designated Global Terrorist pursuant to Executive Order 13224 for acting for or on behalf of ISIS. As a […]

Iraq and Iran Discuss Cross Border Fields Plan

By Simon Kent. Iraq’s Deputy Oil Minister Fayadh Nema, who is currently acting Oil Minister until Abadi’s new cabinet is finalized, has recently announced a trip to Tehran to discuss cross border oil fields. Once a controversial topic between Tehran and Baghdad, Iraq’s many cross border oil fields are now back on the agenda as sanctions […]

Iraqi Airline Denies Fronting for Iran

By John Lee. A report from the Financial Times claims that an Iraqi company has helped to Iran acquire nine large commercial aircraft, in defiance of international sanctions. According to the report, Iran’s Mahan Air, which is blacklisted by the US and Europe because of alleged links to Iran’s revolutionary guard — allegations denied by […]

Sri Lanka to Buy Iraqi Oil after US Sanctions on Iran

By John Lee. Sri Lanka is to purchase oil from Iraq after the US imposed new sanctions on Iran. According to a report from AFP, the US Senate unanimously approved new economic sanctions on Friday aimed at further crippling Iran’s energy, shipping and port sectors, a year after Congress passed tough restrictions against Tehran. Sri […]

Sanctions and Collateral Damage

By Bob Nottelmann. Although in the very heart of the Fertile Crescent, defined by its abundant natural resources, Iraq is hardly a breadbasket for western Asia, let alone its own population. Nearly 80% of the country’s food is imported from neighboring countries Turkey, Syria and Iran. Nowhere is it more apparent that an effective and […]

TBI Denies Payments from Syria for Fuel

By John Lee. The Trade Bank of Iraq (TBI) has denied a report it had received cash or letters of credit from Syria for fuel supplies from Iraq, according to a report from Bloomberg. Chairwoman of the bank, Hamdiyah Al-Jaff, said in an emailed statement: “The Trade Bank of Iraq has not conducted such transaction(s).” […]