Iraq Bans Several Commercial Banks From US Dollar Dealings

The move comes as an attempt to avoid US restrictions on Iraq’s financial system

The Central Bank of Iraq (CBI) banned eight local banks from making US dollar transactions on 4 February, in an attempt to avoid sanctions and US financial restrictions.

A CBI document lists the banned banks as Ahsur International Bank for Investment, Investment Bank of Iraq, Union Bank of Iraq, Kurdistan International Islamic Bank for Investment and Development, Al-Huda Bank, Al-Janoob Islamic Bank for Investment and Finance, Arabia Islamic Bank, and Hammurabi Commercial Bank.

"We commend the continued steps taken by the Central Bank of Iraq to protect the Iraqi financial system from abuse, which has led to legitimate Iraqi banks achieving international connectivity through correspondent banking relationships,” a US Treasury Department spokesman said on Sunday.

The measures come after Iraqi officials met with the US Treasury Department’s top sanctions official Brian Nelson last week.

In late January, Washington imposed sanctions on Al-Huda Bank, one of the banks listed in the CBI document, under claims it laundered money for Iran. Several other banks have been hit with similar sanctions over the past year.

🔗Source: The Cradle

Related: 7/26/23 —  The End of The PetroDollar, The Rise of BRICS is Here

2/22/23 — Iraq to Allow Trade With China in Yuan - State Media

Having been stonewalled and denied on waiver for sanctions to continue importing gasoline from Iran, Iraq had circumnavigated the sanctions through an oil-for-gasoline barter deal.

7/5/23 — Iraq Wants to Drop Dollar in Iran Trade to ‘Relieve US Pressure’: Report

”Over the past several months, Iraq has been working to lessen its dependence on the US dollar after Washington implemented several strict measures, including sanctions on Iraqi banks and rationing the dollar supply, to exert pressure on Baghdad to redirect its energy sector away from Iran.”

Back in March of 2023, seeing the writing on the wall, Iraq also announced the intention to trade with China using the Yuan instead of the dollar, following a trend of other countries dropping the dollar in Bilateral trade deals.

7/12/23 — Iraq to Trade Crude Oil for Desperately-Needed Iranian Gas

“Despite having some of the world's largest oil reserves, Iraqis continue to suffer rolling blackouts due to US sanctions on Iran”

....In the days that followed, Iraq and Russia indicated growing relations. This was presumably a message by Iraq, “Treat us right, or w're looking for friends who will treat us like such”. Or just a natural consequence of Iraq seeking help elsewhere when the US not only had no help to offer, but was actively impeding ...

7/17/23 —Russian Investment in Iraq Reaching New and Promising Stage: Official

— “The recent Saudi-Iran rapprochement has laid the groundwork for increased Russian and Chinese influence in Iraq”

A couple days later, The US would finally issue the sanctions waiver for Iraq….

7/19/23 - US Issues New Sanctions Waiver Claiming to ‘Help’ Iraq Pay For Iranian Gas

…only to sanction 14 Iraqi banks the next day.

7/20/23 — US Bans 14 Iraqi Banks in Crackdown on Iran Dollar Trade

These sanctions on Iraqi banks plays into the same dynamic seen with the US targeting individual banks in Turkey and the UAE with sanctions, after the nation’s ignored the US’s threats I highlighted in my March 2022 series....

The real question, is why should the sovereign country of Iraq — whose economic insecurity the US already bears large responsibility for, having destroyed the country 2 decades ago based off fabricated “intelligence” of WMDs[lies] — why should Iraq have to beg the US permission to conduct business with its neighbor that is in its own interest?

Somewhere in the answer to that question, is the prime reason for why BRICS is rising..

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