Iraq closes the "economic door" with Iran and begins to negotiate with Saudi Arabia and Kuwait

8/8/2018 8:51:07 PM    Baghdad / Mohammed Sabah

Bank transfers between Iraqi and Iranian banks have been stalled and trade is paralyzed by US sanctions on Iran.

These sanctions have led the Iraqi government to move to the Gulf markets to meet the need for energy and consumer goods, to avoid any negative repercussions in the domestic markets. 

The volume of trade exchange between Baghdad and Tehran during the past years to more than ten billion dollars annually. 

Currently, the Iraqi Government is continuing unannounced consultations with Saudi Arabia and Kuwait to supply power and commercial goods to the country. 

"The Iraqi government is looking for alternative sources of Iranian energy due to the economic sanctions imposed by the United States of America on Iran," said the economic adviser to the prime minister, noting that these alternatives would reduce the damage caused by economic sanctions on Iran. Tehran in the Iraqi market. "

US President Donald Trump has imposed new and comprehensive sanctions on Iran after withdrawing from its nuclear deal in 2015 to force Tehran to agree to a new deal aimed at halting its nuclear work. 

The US Treasury has sent a letter to the Central Bank of Iraq obliges Iraqi banks to stop their dealings with Iranian banks and banks threatened to "freeze the assets of the bank and put it on the black list in case of violation of instructions issued by the US Treasury. 

"The government is moving towards the Gulf countries, especially Saudi Arabia and Kuwait, to compensate for its energy needs, while relying on the development of the gas and electricity industry locally," Saleh said. "The consultations with Kuwait and Saudi Arabia are continuing and will not stop."

Prime Minister Haider al-Abbadi earlier ordered electricity minister Qassem al-Fahdawi and the ministry's advanced cadres to immediately go to Saudi Arabia to sign a memorandum of cooperation in the field of energy after the Iranian carrier stopped the electrical power from work, but withdrew the hand of al-Fahdawi before visiting Saudi Arabia. 

"The sanctions imposed on Iran will be reflected negatively on the volume of commercial activity between Tehran and Baghdad," he said, stressing that "the cessation of financial transfers between the two countries." 

US sanctions target Iran's exports in the transport sector as well as its business activities, purchases of gold and other basic minerals, and the Iranian government's acquisition or acquisition of US dollars. The sanctions came into force on Tuesday.

"Iran is the largest exporter of daily consumer goods to Iraq, as well as the importation and assembly of Iranian cars, where the number of workers in the car assembly plants about (5000) Iraqi workers," noting that "the number of Iranian visitors to the holy places up to three million visitors Per year ". 

The Iranian currency continues to depreciate against the US dollar as gold prices rose rapidly. 

In contrast, the Chairman of the Economic Committee in the former House of Representatives Jawad al-Bolani, the Iraqi government's commitment to implement the economic sanctions on Tehran, stressing that "part of the trade exchange between the two countries necessitate the sustainability of the requirements of Iraq daily."

"The Iraqi government needs to create a state of balance in dealing with international sanctions," al-Bolani said in a statement to Al-Mada yesterday. "These daily necessities needed by Iraq after the cessation of its factories and laboratories are known to the international community, which requires the Iraqi government to secure them." 

"Iraq is against international sanctions and there is an experiment in Iraq that has weakened the country and the people," Prime Minister Haider al-Abadi said at his weekly conference on Sunday. 

"The daily trade exchange with Iran on the level of goods and consumer goods, such as milk and others, reaches 10 million dollars a day," he said. "The annual volume of trade in consumer goods, equipment, cars, oil, gas and electricity reaches more than $ 10 billion a year "He said.

He stressed that "there are funds owed by the Iraqi government due to pay to Iran because of electricity bills and gas access to power stations in Iraq," pointing out that "zeroing these funds need a way to lead to pay in light of these sanctions." 

"The low volume of trade exchange between Iraq and Iran depends on the treatment of Iraqi state institutions and their commitment to economic sanctions imposed by Washington, which requires the Council of Ministers to develop a vision to deal with US actions."   


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