Iraq is helping Iran skirt U.S. sanctions

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INVOLVED IN THIS ARTICLE:

Central Bank of Iraq

Central Bank of Iraq

Elaf Islamic Bank

Elaf Islamic Bank

Union Bank of Iraq

Union Bank of Iraq

Brigadier General Qassam Soleimani

Brigadier General Qassam Soleimani

Leaked documents have indicated that Iraq may be helping Iran defy US sanctions, according to a report released by the Saudi news outlet Al-Arabiya presented by the Middle East Media Research Institute (MEMRI).

The report noted that following the death of former IRGC Quds Force commander Qasem Soleimani earlier this month is a US strike, Iraq has become increasingly concerned with the United States placing sanctions on Baghdad.

The documents from Al-Arabiya revealed that the Iraqi Central Bank has been pushing private banks in Iraq to open credit accounts in US dollars for the purpose importing oil derivatives to meet local needs, including for gas, oil, gasoline, diesel, white oil, and liquid gas. The boards of these private enitities include individuals connected to Iran, such as businessman who have ties to the Islamic Republic.

“It shows that Iran has been exporting its oil derivatives to Iraq, at a price backed by the Central Bank of Iraq, and is profiting from the bank’s daily auction of hard currency by employing middlemen to convert Iraqi dinars into dollars,” the report notes, which further adds that the funds are later transferred out of Iraq via private exchange offices and banks.

Some of the banks involved in the violation of US sanctions include the Elaf Islamic Bank, Al-Bilad Islamic Bank and Iraqi Union Bank, some of whom have been sanctioned previously by Washington for having dealings with Iran and Hezbollah.

Source » jpost

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