Baghdad will deposit $10 billion worth of frozen Tehran funds at the Trade Bank of Iraq, to be used to purchase goods that are exempted from US sanctions, according to an Iranian high-ranking commerce official
Flare stacks burn at the Nahr Bin Omar field, north of the southern Iraqi port of Basra, on January 21, 2021. / AFP / Hussein FALEH
A senior Iranian official has said that $10 billion worth of frozen Iranian funds in Iraq will be deposited at the Trade Bank of Iraq and used to purchase goods that are exempted from US sanctions. Yahya Ale Eshaq, head of the Iran-Iraq Joint Chamber of Commerce, was quoted on Monday as saying by Iran’s state media that there are “no obstacles or problems” in financial exchanges between the two neighbouring countries, calling the current phase a “strategic opportunity.”
He cited Iraqi officials as saying that the frozen funds will be transferred to the TBI and added that the two sides agreed the money would be used to purchase non-sanctioned commodities such as medicine.
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