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America takes action regarding Iraq's transfer of electricity supply costs to Iran
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Economy News - Baghdad
US State Department spokesman Matthew Miller said that the United States renewed a 120-day waiver allowing Iraq to pay money to Iran in exchange for supplies of electricity, according to Reuters.
Washington began issuing exemptions last year, stressing that the funds could only be used for non-sanctioned transactions such as purchasing humanitarian goods, including food and agricultural products.
Iraqi electrical stations rely heavily on Iranian gas, but due to US sanctions on Tehran, Baghdad cannot pay the dues to import gas from Iran directly. Rather, Tehran must use that money to buy food or health goods.
However, this mechanism is complex and often results in delays. Iran often cuts off supplies that cover a third of Iraq's needs, to urge Baghdad to pay its dues.
Although Iraq is an oil country, it relies heavily on Iran in the field of energy, as it imports a third of its consumption needs of gas and electricity due to its dilapidated infrastructure, which makes it unable to achieve self-sufficiency to secure the needs of its population of 40 million people.
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Added 03/15/2024 - 9:58 AM
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Economy News - Baghdad
US State Department spokesman Matthew Miller said that the United States renewed a 120-day waiver allowing Iraq to pay money to Iran in exchange for supplies of electricity, according to Reuters.
Washington began issuing exemptions last year, stressing that the funds could only be used for non-sanctioned transactions such as purchasing humanitarian goods, including food and agricultural products.
Iraqi electrical stations rely heavily on Iranian gas, but due to US sanctions on Tehran, Baghdad cannot pay the dues to import gas from Iran directly. Rather, Tehran must use that money to buy food or health goods.
However, this mechanism is complex and often results in delays. Iran often cuts off supplies that cover a third of Iraq's needs, to urge Baghdad to pay its dues.
Although Iraq is an oil country, it relies heavily on Iran in the field of energy, as it imports a third of its consumption needs of gas and electricity due to its dilapidated infrastructure, which makes it unable to achieve self-sufficiency to secure the needs of its population of 40 million people.
Views 77
Added 03/15/2024 - 9:58 AM
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