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Iraqi officials: The Americans are talking about restricting our supply of dollars and abolishing th

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Iraqi officials: The Americans are talking about restricting our supply of dollars and abolishing th Empty Iraqi officials: The Americans are talking about restricting our supply of dollars and abolishing th

Post by rocky on Tue 14 Jan 2020, 3:15 am

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[size=52]Iraqi officials: The Americans are talking about restricting our supply of dollars and abolishing the exception to Iran's sanctions[/size]

[size=45]Iraqi officials express their fear of an economic "collapse" if Washington imposed sanctions that it had previously hinted at, including freezing bank accounts in the United States in which Baghdad holds oil revenues that make up 90 percent of the state budget.
[size=45]US President Donald Trump was angry after the parliament voted on January 5 to remove foreign forces from the country, including about 5,200 American soldiers who have helped local forces defeat ISIS since 2014.[/size]
[size=45]He threatened, saying that if the soldiers were asked to leave, "then we will impose sanctions on them that they have not seen before."[/size]
[size=45]"The United States then delivered an extraordinary indirect verbal message to the office of resigned Prime Minister Adel Abdul-Mahdi," two Iraqi officials told AFP.[/size]
[size=45]One of those officials stated, "The Prime Minister's Office has received a threatening call that if American forces are expelled, then we, the United States, will close your account at the Federal Reserve Bank in New York."[/size]
[size=45]Parliament voted to end the presence of foreign forces in Iraq because of discontent over a US airstrike by a drone in Baghdad two days before the session that led to the killing of the influential Iranian general Qassem Soleimani and deputy head of the Popular Mobilization Authority Abu Mahdi al-Muhandis. The Central Bank of Iraq account was established in the Federal Reserve in In 2003, in the wake of the US invasion that toppled the regime of former dictator Saddam Hussein.[/size]
[size=45]Under Resolution 1483 of the United Nations Security Council, which lifted tougher international sanctions and the oil embargo imposed on Iraq after Saddam Hussein's invasion of Kuwait, all proceeds from Iraqi oil sales go to that account.[/size]
[size=45]Iraq is the second largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC), and depends on more than 90 percent of the state’s $ 112 billion budget in 2019, on oil revenues.[/size]
[size=45]To this day, the proceeds are paid in dollars into the Federal Reserve account daily, and the balance now stands at about $ 35 billion, Iraqi officials have confirmed to (AFP).[/size]
[size=45]And Iraq pays almost every month, between one billion and two billion dollars in cash from this account, for official and commercial transactions.[/size]
[size=45]“We are an oil producing country, and these accounts are in dollars,” the first Iraqi official says. Freezing it and denying access to it means the tap is completely closed. ”[/size]
[size=45]The second indicates that this will mean that the government will not be able to do daily business or pay salaries, and that the value of the Iraqi currency will fall. He added, "This will mean the collapse of Iraq."[/size]
[size=45]A senior Iraqi official confirms that the United States is considering "restricting" access to cash to "about a third of what they usually send."[/size]
[size=45]The Federal Reserve declined to comment on Trump's threat. But a State Department official assured France Press that the possibility of restricting access to the Federal Reserve Account was “raised” with Iraq shortly after the vote. And this official says, “Can you imagine why if the forces were fired, banks might be concerned about sending a lot of (...) money To Baghdad. ”[/size]
[size=45]But the US threat remains largely unusual, as the Federal Reserve is supposed to be independent of foreign policy.[/size]
[size=45]"The attempt to politicize dollar shipments raises the bank's concern because it affects its standing and integrity in dealing with customers," he said, adding that "it is clear that Trump is ready to politicize everything." Washington considered this measure months ago, as an American diplomat said. A senior US embassy in Baghdad told AFP in July that the United States was considering "limiting the flow of money to Iraq."[/size]
[size=45]"This will be the nuclear option (knockout)," the diplomat added.[/size]
[size=45]And before the Iraqi parliament voted, its president, Muhammad Al-Halbousi, warned that the world might stop dealing with Iraqi banks in response to this step.[/size]
[size=45]The Federal Reserve account of the Iraqi Central Bank can be frozen by placing a government agency on the black list, which will immediately restrict Baghdad's access to dollars.[/size]
[size=45]And the United States has already imposed sanctions on Iraqi citizens, armed factions, and even banks linked to Iran, Washington's archenemy in the region.[/size]
[size=45]But it did not come close to oil revenues. Former officials told France Press that a similar move would be extremely harmful to a country considered an ally of the United States.[/size]
[size=45]But relations have deteriorated recently, with Washington frustrated by Iraq’s alliance with Iran, and the repeated missile attacks on US interests that have blamed Washington’s Iraqi factions loyal to Tehran.[/size]
[size=45]After that, relations witnessed a severe blow with the assassination of Soleimani and the engineer, which Iraq considered a violation of its sovereignty.[/size]
[size=45]US and Iraqi officials point out that the United States is also studying other, less exciting options.[/size]
[size=45]One of those options is for Washington to refuse to renew the temporary exemption it granted to Iraq in 2018, which allows Baghdad to import gas from Iran to feed the devastated electricity grid, despite US sanctions on the Iranian energy sector.[/size]
[size=45]In the event that Washington does not renew the exemption in February, the Commercial Bank of Iraq, which buys gas, may face secondary penalties for dealing with Iranian entities listed in the blacklist.[/size]
[size=45]Iraqi officials say that the American threat to deny access to oil revenues has been met with shock, anger and almost disbelief.[/size]
[size=45]"The prime minister was angry and insulted," said one of the officials.[/size]
[size=45]Another considered that the United States would "lose Iraq", adding "they pushed us toward Russia, China and Iran." We must form a separate economy with these countries. ”[/size][/size]



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