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Economist: Bartering Iraqi oil for Iranian gas will contribute to preserving the hard currency and relieving pressure on the dollar
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[rtl]Baghdad / NINA / - The expert on economic affairs, Safwan Qusay, confirmed: "The barter of Iraqi oil for Iranian gas will contribute to preserving the hard currency, relieving pressure on the dollar, and the possibility of expanding the settlement circle of dues towards the Iranian side.”
Qusai said in a statement to the National Iraqi News Agency ( NINA) .): “In light of the US allowing Iraq to buy gas and not allowing it to be paid in dollars, the Iraqi government found that the most appropriate is to pay with black oil, which represents a need for the Iranian side to operate asphalt plants and other factories that operate. With black oil, which will replace gas for consumption purposes on the Iranian side, and thus will provide an alternative through which it is possible to reduce gas consumption and maintain its pressure, and thus the possibility of stabilizing its exports to the Iraqi side.
He pointed out, "This agreement will enable Iraq to preserve the hard currency, relieve pressure on the dollar, and the possibility of expanding the circle of settlement of dues towards the Iranian side, whether governmental or private, through the same context, with the The possibility of opening a window for exporting Internet capacities and humanitarian materials to the Iranian side and at international prices for settlement. Dues for importing gas, electricity and other commodities from the Iranian side.
And the economist continued: "This issue (the agreement) is supposed to take place in consultation with the US Federal Reserve to facilitate the task of implementation and not to anger the US side."
Prime Minister Muhammad Shia' al-Sudani had announced earlier an Iraqi-Iranian agreement on oil, black and Iranian gas.
Al-Sudani said last week that Iraq would start bartering crude oil for Iranian gas to end the recurring delay in payments to Tehran due to the need to obtain US approval for such transactions.
On the other hand, US officials and specialists said: The barter will likely conflict with US sanctions, according to Reuters.
"Making this kind of trade-off with Iran would be a violation of US sanctions unless a US national security exception is issued," said Richard Goldberg of the Foundation for Defense of Democracies think tank.
While an official at the US State Department stated that Anthony Blinken, Secretary of State, issued an exception on March 21 for a period of 120 days, allowing Iraq to pay Iran for electricity imports only, not for natural gas used to generate electricity in Iraq .
A former US official said the Treasury Department, which oversees most US sanctions against Iran, defines the term "transaction" broadly, possibly including barter.
The former official added that this may provide "enough room for maneuver ... for the United States to turn a blind eye, but it is a political decision, not a legal issue."
And he added, "From a purely legal angle, it (the barter) certainly violates US sanctions."/ End 8[/rtl]
Qusai said in a statement to the National Iraqi News Agency ( NINA) .): “In light of the US allowing Iraq to buy gas and not allowing it to be paid in dollars, the Iraqi government found that the most appropriate is to pay with black oil, which represents a need for the Iranian side to operate asphalt plants and other factories that operate. With black oil, which will replace gas for consumption purposes on the Iranian side, and thus will provide an alternative through which it is possible to reduce gas consumption and maintain its pressure, and thus the possibility of stabilizing its exports to the Iraqi side.
He pointed out, "This agreement will enable Iraq to preserve the hard currency, relieve pressure on the dollar, and the possibility of expanding the circle of settlement of dues towards the Iranian side, whether governmental or private, through the same context, with the The possibility of opening a window for exporting Internet capacities and humanitarian materials to the Iranian side and at international prices for settlement. Dues for importing gas, electricity and other commodities from the Iranian side.
And the economist continued: "This issue (the agreement) is supposed to take place in consultation with the US Federal Reserve to facilitate the task of implementation and not to anger the US side."
Prime Minister Muhammad Shia' al-Sudani had announced earlier an Iraqi-Iranian agreement on oil, black and Iranian gas.
Al-Sudani said last week that Iraq would start bartering crude oil for Iranian gas to end the recurring delay in payments to Tehran due to the need to obtain US approval for such transactions.
On the other hand, US officials and specialists said: The barter will likely conflict with US sanctions, according to Reuters.
"Making this kind of trade-off with Iran would be a violation of US sanctions unless a US national security exception is issued," said Richard Goldberg of the Foundation for Defense of Democracies think tank.
While an official at the US State Department stated that Anthony Blinken, Secretary of State, issued an exception on March 21 for a period of 120 days, allowing Iraq to pay Iran for electricity imports only, not for natural gas used to generate electricity in Iraq .
A former US official said the Treasury Department, which oversees most US sanctions against Iran, defines the term "transaction" broadly, possibly including barter.
The former official added that this may provide "enough room for maneuver ... for the United States to turn a blind eye, but it is a political decision, not a legal issue."
And he added, "From a purely legal angle, it (the barter) certainly violates US sanctions."/ End 8[/rtl]
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