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Article “Iraq once again controls own economy, free of UN sanctions.”
According to this article Iraq has free from all UN sanctions. Previously until this article was written Iraq has always been under Ch. 7 sanctions.
Quote: “The United Nations Security Council (UNSC) has agreed to lift sanctions imposed on Iraq when the country invited Kuwait 26 years ago. The Iraqi Foreign Minsister said Dec 9 the country had completed it’s obligations under the sanctions…
Kuwaiti Oil Minister Essan Al-Marzouq said Dec. 10 that the 10 year deal with Iraq provides for imports of 50 million cubic feet of natural gas a day…later rising to 200 million. The deal appears to have been the key factor that persuaded Kuwait to call for the UN to life the sanctions…
Iraqi Parliament member Jassem Mohammad…’Before sanctions were lifted, Iraq was not even able to open foreign bank account in the name of the government…that cost the Iraqi Treasury enormously…”
“…From now on, Iraq can manage the legal and technical aspects of its financial resources itself- along with everything relating to deposits and foreign real estate holding…All efforts to freeze Iraqi funds in International banks has ended, which will enhance Iraq’s financial standing and it’s creditworthiness…
The decision to lift sanctions coincided with Abadi’s announcement Dec 9 that the fight against the Islamic State was over and security and stability had returned to Iraq.”
This is great news. It’s a good article. Now Iraq can reach out to foreign banks and maybe get some foreign banking expertise…Chase Bank or Citi Bank and have them opening up in Iraq…
It’s going to cost them 200 Billion dollars to rebuild all of northern Iraq…
this is a great thing and hopefully a betterment of Iraq and they’ll get out of this cloud they’re under. They are now the number 1 seller of oil to India.
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Sanctions did not have anything to do with whether or not they could reach out to foreign banks. They have been doing that for years. The only change is the funds that had been held in escrow have been released.
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