Iraqi Parliament Calling To Ditch US Dollar For Oil Trade

The Finance Committee of the Iraqi Parliament stated that they are calling to ditch the US dollar for oil trade.

Iraqi Parliament Calling To Ditch US Dollar For Oil Trade 1

To thwart US sanctions on the Iraqi banking system, the Finance Committee of the Iraqi parliament started on January 31st, urging the sale of oil in currencies other than the US dollar.

“The US Treasury still uses the pretext of money laundering to impose sanctions on Iraqi banks. This requires a national stance to put an end to these arbitrary decisions,” the statement said. 

“Imposing sanctions on Iraqi banks undermines and obstructs Central Bank efforts to stabilize the dollar exchange rate and reduce the selling gap between official and parallel rates,” it added.

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The Finance Committee reaffirmed its “call on the government and the Central Bank of Iraq to take quick measures against the dominance of the dollar, by diversifying cash reserves from foreign currencies,” as well as its “rejection of these practices, due to their repercussions on the livelihoods of citizens.”

This week, Washington placed sanctions on Iraq’s Al-Huda Bank because it allegedly laundered money for Iran. Over the past year, similar fines have been imposed on several other institutions.

The declaration was made the same day that a top US Treasury official stated that Washington anticipates Baghdad’s assistance in locating and sabotaging the financial resources of resistance groups in Iraq funded by Iran.

“These are, as a whole, groups that are actively using and abusing Iraq and its financial systems and structure to perpetuate these acts and we have to address that directly. Frankly, I think it is our expectation from Treasury perspective that there is more we can do together to share information and identify exactly how these militia groups are operating here in Iraq,” the official stated. 

On January 28, three US soldiers lost their lives in an Iraqi resistance attack close to the Syrian-Jordanian border. After US servicemen were killed, almost daily Iraqi attacks on US outposts in Syria and Iraq were stopped as a result of pressure from the Iraqi government on resistance groups, especially the Kataib Hezbollah faction.

Washington has resisted the Baghdad government’s attempts to discreetly assist the removal of US troops from Iraq and the conversion of the US presence there to an “advisory role.”

The financial system of Iraq is largely dominated by the United States. Baghdad has had difficulty repaying Iran for its large energy obligations as a result of US sanctions.

In addition, the Federal Reserve Bank of New York receives revenue from Iraqi oil sales. Baghdad needs authorization from the US to use these monies.

Recently, the Iraqi government voiced optimism about the de-dollarization process.

According to a government source who spoke with the Iraqi News Agency (INA) on November 14, Iraq is planning to carry out several further economic initiatives to fortify the country’s currency against the US dollar.

The Iraqi government said in May of last year that it would no longer accept US dollars for personal or commercial transactions.

It’s evident that the US dominates the Iraqi economy, and our government doesn’t control or have access to its funds. We think it’s imperative to break free from the dollar’s hegemony, particularly now that it’s being used as a weapon to inflict sanctions on nations. In a special interview conducted last year, Iraqi MP and Finance Committee member Hussein Mouanes stated, “It’s time for Iraq to rely on its local currency.”

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