Tag Archives | sanctions

Tehran, Baghdad "Keen to Expand Banking Ties"

From Tasnim, under a Creative Commons licence. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. The chairman of the Iran-Iraq Joint Chamber of Commerce said banking officials from the two countries are keen to expand the monetary and banking relations. There is not any […]

Iraq urges US to Reconsider Sanctions on Iraqi Banks

By John Lee. Iraqi Foreign Minister Fuad Hussein has called on the US Treasury Department to reconsider its recent imposition of sanctions on Iraqi banks. During a phone call from the US Secretary of State, Antony Blinken, Minister Hussein explained that these banks have, "an important and major role in financing ration card expenses and […]

8 Iraqi Banks "Banned from Transacting in US Dollars"

By John Lee. Various media sources say that Iraq has banned eight local commercial banks from making transactions in U.S. dollars. This precludes these banks from taking part in the Central Bank's daily dollar auction. The banks are reported to be: Ashur International Bank for Investment; Investment Bank of Iraq; Union Bank of Iraq; Kurdistan […]

US Sanctions Iraqi Bank; $6bn Fraudulently Transferred

By John Lee. The US Treasury Department has sanctioned Iraq's Al-Huda Bank, and its owner and Chairman, Hamad al-Moussawi. On Monday, the Department's Financial Crimes Enforcement Network (FinCEN) said the bank, "serves as a conduit for terrorist financing, as a foreign financial institution of primary money laundering concern." Along with its finding, FinCEN proposed imposing […]

US Imposes Sanctions on Iraq's Fly Baghdad airline

By John Lee. The United States has imposed sanctions on the Iraqi airline Fly Baghdad, and on its CEO, Basheer Abdulkadhim Alwan al-Shabbani. In a statement on Monday, the Department of the Treasury's Office of Foreign Assets Control (OFAC) said the airline, "provid[ed] assistance to the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) and its proxy […]

New US Waiver letting Iraq pay Iran for Electricity

From Middle East Monitor, under a Creative Commons licence. Any opinions expressed are those of the author(s) and do not necessarily reflect the views of Iraq Business News. US Secretary of State, Antony Blinken, on Tuesday signed a new national security waiver letting Iraq pay Iran for electricity that, for the first time, allows such […]

Iraq's Power Problem: Financial and Technical Challenges

By Noam Raydan for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq's Power Problem (Part 1): Persistent Financial and Technical Challenges Diversifying Iraq's energy supplies won't mean much if its power infrastructure is not rehabilitated, and […]