By John Lee. At a press briefing on Thursday, US State Department spokesperson Matthew Miller (pictured) said the United States has issued another 120-day waiver to allow Iraq to continue importing electricity from Iran. Addressing a question from the floor, Miller said: "... these are waivers that have been regularly issued to Iraq going back […]
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 […]
Fly Baghdad Suspends Operations
By John Lee. Iraqi budget airline Fly Baghdad has suspended operations until further notice, following the imposition of sanctions by the United States earlier this week. It said the move was in compliance with a decision of the Iraqi government. The airline added that due to the freezing of its bank accounts, it is unable […]
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 […]
The Iraqi Dinar, and the Conundrum over the Dollar and Iran
By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Dinar, and the Conundrum over the Dollar and Iran A report in a […]
Iraq Cracks Down on Dollar Smuggling
By David S Cloud, for the Wall Street Journal. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Iraq Cracks Down on Dollar Smuggling Under Pressure From U.S. Washington aims to stop the flow of dollars to Iran. Click here to read the full article […]
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 […]
US Bans 14 Iraqi Banks from Dollar Transactions
By John Lee. The US has reportedly barred 14 Iraqi banks from conducting dollar transactions, as part of a crackdown on illegal transfers of dollars to Iran and other sanctioned countries. According to the Wall Street Journal, the banks include Al Mustashar Islamic Bank, Erbil Bank, World Islamic Bank, Zain Iraq Islamic Bank and Al […]
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 […]