The secretary-general of Iran-Iraq Joint Chamber of Commerce, Hamid Hosseini, stated the Iraqi officers agreed to deposit Iran’s electrical energy and fuel funds right into a banking account belonging to the Nationwide Iranian Gasoline Firm (NIGC) and Iran’s Energy Era, Transmission and Distribution Administration Firm, or TAVANIR.
The property, he stated, are stored in a financial institution beneath strict US supervision and are solely allowed for use for importing items and commodities that aren’t topic to the sanctions, he stated.
Throughout a current go to of Iraqi Overseas Minister Fuad Hussein to the US, Iraq was given permission to launch $500 million value of Iranian property blocked within the Iraqi banks.
Iraq has traditionally been depending on Iran for round 40 % of its energy wants.
The 2 neighbors have steady transactions with one another, that are carried out partly by the non-public sectors and the governments of the 2 states.