Posted on

CBI tries to find way to pay Russian Oil Companies

By John Lee.

Mustafa Ghaleb Mokhif, the Governor of the Central Bank of Iraq (CBI) has met with the Russian Ambassador to Iraq, Elbrus Kutrashev, to discuss the payments due to Russian companies operating in Iraq.

In a statement after the meeting, both parties expressed the need to find appropriate solutions to this issue.

Payments to Russian companies have become more complicated as a result of sanctions imposed following Russia’s invasion of Ukraine in February.

(Source: CBI)

The post CBI tries to find way to pay Russian Oil Companies first appeared on Iraq Business News.

Posted on

Iraqi Central Bank may Stop Financial Dealings with Russia

By Layal Shakir, for Rudaw. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Iraqi central bank suggests halting business, financial dealings with Russia

The Central Bank of Iraq (CBI) on Wednesday suggested halting business operations and financial dealings with Russia following America’s far-reaching sanctions as the Russian invasion of Ukraine continues for the seventh day.

Click here to read the full article.

The post Iraqi Central Bank may Stop Financial Dealings with Russia first appeared on Iraq Business News.

Posted on

US Welcomes New Iraq Govt; Extends Iran Sanctions Waiver

By John Lee.

US Secretary of State Mike Pompeo (pictured) has welcomed the formation of a new government in Iraq following months of instability.

In a phone call with the new Prime Minister, Mustafa Kadhemi, he said that the US would not enforce sanctions on Iraq buying electricity from Iran for 120 days “as a display of our desire to help provide the right conditions for success”.

The full statement via Spokesperson Morgan Ortagus said:‎

“Secretary of State Michael R. Pompeo spoke today with Iraqi Prime Minister Mustafa al-Kadhimi. Secretary Pompeo welcomed Prime Minister Kadhimi’s new government, which was confirmed by the Council of Representatives.

“They discussed the urgent hard work ahead for the Iraqi government, implementing reforms, addressing COVID-19, and fighting corruption. In support of the new government the United States will move forward with a 120-day electricity waiver as a display of our desire to help provide the right conditions for success.

“The Secretary and the Prime Minister also discussed the upcoming U.S.-Iraq strategic dialogue and how they look forward to working together to provide the Iraqi people the prosperity and security they deserve.“

(Source: US State Dept)

Posted on

US Renews Waiver for Iraq to Import Electricity from Iran

By John Lee.

Washington has renewed a waiver for Iraq to continue importing Iranian electricity, a US State Department official said.

“The Secretary granted this brief extension of the waiver to allow time for the formation of a credible government,” the official said, referring to US Secretary of State Mike Pompeo, and added that the waiver would expire on May 26, according to Reuters.

Washington has repeatedly extended the exemption for Baghdad to use crucial Iranian energy supplies for its power grid, for periods of 90 or 120 days.

Earlier this month, Iraq’s president named intelligence chief Mustafa al-Kadhimi as prime minister-designate, the third person tapped to lead Iraq in just 10 weeks as it struggles to replace a government that fell last year after months of deadly protests.

“Once that government is in place, the Secretary will reassess whether to renew the waiver and for how long,” the US State Department official said.

The official added that the waiver applied only to electricity and referred to the Treasury Department for transactions related to Iranian natural gas imports.

Electricity Minister Luay al-Khatteeb told S&P Global Platts last week that Iraq needs three to four years to complete projects that would provide the necessary natural gas for its power stations.

(Sources: Tasnim, Reuters, S&P Global)

Posted on

Iraq “likely” to get New Waiver for Iran Gas Imports

By Bryant Harris for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

Iraq likely to continue importing Iranian natural gas under US waiver renewal

Iraqi officials have indicated that the United States is likely to renew a key Iran sanctions waiver that will allow Baghdad to continue importing Iranian natural gas to fuel its electricity needs, the AP reported.

The three-month waiver is set to expire Thursday.

Iraq relies on Iranian imports to meet the lion’s share of its electricity needs in the face of shortages that have helped provoke widespread protests in recent years.

Click here to read the full article.

(Picture credit: Tasnim, under Creative Commons licence)

Posted on

Iraq may Stop Iran Gas Transfers if US Waiver Ends

By John Lee.

The head of Trade Bank of Iraq (TBI) has reportedly said that the bank would stop processing payments for Iranian gas imports if a US sanctions exemption expires next month.

Faisal al-Haimus told AFP:

“As a bank, the most important thing we have is that we are compliant (with international regulations). That’s why people trust us.”

Iraq relies heavily on Iran to support its struggling electricity sector.

When the United States imposed sanctions on Iran’s energy sector in 2018, it granted Iraq a series of temporary waivers to allow it to buy gas from Iran.

More here.

(Source: AFP)