Why Iraq’s Oil Cash Sits in New York
The arrangement gives Washington leverage over Baghdad and helps shield about 90% of Iraq’s state budget, officials and analysts said.
7 Articles
7 Articles
The Independent
The Independent (US)Why Iraq’s oil cash sits in New York
Since its 2003 invasion of Iraq, the US has held effective control of the country's oil revenue dollars
Al-Monitor
The Straits TimesExplainer-How the US controls Iraq's oil revenues
By Ahmed RasheedDUBAI, Sept 30 (Reuters) - US forces are set to withdraw on Wednesday from their last bases in Iraq, a departure celebrated as a victory by Iran and its allies, which have deep influence in the country where 4,500 Americans died during more than two decades of war.Still, since its 2003 invasion of Iraq, the US has held effective control of the country's oil revenue dollars, giving Washington extraordinary leverage over Baghdad's…
US troops have left their last bases in the country, but Washington has kept billions of dollars in Iraq's oil revenues since 2003.
The last American soldiers are expected to leave Iraq on Wednesday, just over 23 years after the invasion. But US control over Iraq's oil revenues remains.
Iraq: The Economic Dependence on the New York Fed and the US Diplomatic "Weapon" editor03 Mon, 09/28/2026 - 15:08 For more than two decades, Iraq's oil revenues have remained locked up in a New York-centric financial system. Exclude from news feed Off Live Description Off
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