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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    America makes an important decision regarding Iraq's purchase of electricity from Iran

    Rocky
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    America makes an important decision regarding Iraq's purchase of electricity from Iran Empty America makes an important decision regarding Iraq's purchase of electricity from Iran

    Post by Rocky Thu 18 Jul 2024, 5:02 am

    America makes an important decision regarding Iraq's purchase of electricity from Iran

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    Economy News - Follow-up
    [rtl]The United States has granted Iraq another four-month sanctions waiver to buy Iranian electricity, revenues that Iran can only access for limited humanitarian trade, a State Department spokesman told Al-Monitor, as translated by Al-Eqtisad News. [/rtl]
    [rtl]The United States has issued regular waivers since 2018 so that Iraq can meet its short-term energy needs without falling foul of U.S. sanctions. Washington maintains tight sanctions on Tehran and has encouraged Baghdad to reduce its reliance on Iranian natural gas and electricity. [/rtl]
    [rtl]Iraqi Foreign Minister Fuad Hussein discussed his country's reliance on U.S. waivers for Iranian energy imports during meetings with Treasury Department officials in Washington last week. [/rtl]
    [rtl]The 120-day waiver, which was renewed on July 11, comes as Iraqis struggle with power outages that are particularly common in the scorching summer months when temperatures exceed 50 degrees Celsius (120 Fahrenheit) and demand for air conditioning puts additional strain on the country’s dilapidated power grid. Last weekend, protests over electricity shortages erupted in the central Iraqi cities of Diwaniyah and Najaf. [/rtl]
    [rtl]“Since 2018, the Department has allowed Iraq to purchase Iranian electricity while Iraq develops its domestic electricity generation capacity, continuing a practice from previous administrations,” a State Department spokesperson said in a statement. [/rtl]
    [rtl]“Under the terms of the Iraq electricity sanctions waiver, no Iranian funds have been released to Iran. The funds are held in restricted accounts and can only be used for humanitarian trade and other non-sanctionable transactions,” the State Department spokesman said. [/rtl]
    [rtl]The previous waivers have drawn sharp criticism from Republicans in Congress, who claim the arrangement frees up domestic funds for Iran to spend on regional terrorism, its nuclear program and other activities. [/rtl]
    [rtl]In an April letter to Treasury Secretary Janet Yellen and Secretary of State Antony Blinken, a group of Republican senators raised alarm about a provision in recent sanctions waivers that allows payments to be deposited in third-country banks rather than accounts inside Iraq. [/rtl]
    [rtl]The administration has also clashed with Iran hawks in Congress over a deal reached in September to secure the release of five Americans.[/rtl]
    [rtl]As a condition of the prisoner swap, Iran was given limited access to $6 billion in oil revenues that had been frozen in South Korea due to U.S. sanctions. The money was transferred to a restricted account in Qatar that Iran could access to purchase humanitarian goods from approved suppliers. [/rtl]
    [rtl]The Biden administration has defended the deal as one under which Washington will have a great deal of oversight. Critics of the deal have countered that financial assets are fungible.  [/rtl]
    [rtl]Shortly after the October 7 attack by the Iranian-backed Hamas movement, the United States and Qatar quietly agreed to block Iran’s access to the restricted funds. At the time, U.S. officials insisted that not a single dollar had been made available to Tehran. [/rtl]
    [rtl]Reformist Masoud Pezeshkian was recently elected as Iran’s new president after Ebrahim Raisi died in a helicopter crash in May. During his campaign, Pezeshkian pledged to negotiate directly with the United States to lift sanctions that have severely damaged the Iranian economy.[/rtl]
     


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