Iran and Iraq to Utilize $10 Billion Frozen Funds for Non-Sanctioned Goods
Iran and Iraq have reached a significant milestone in their economic relations, as a senior Iranian official announced that $10 billion worth of frozen Iranian funds in Iraq will be deposited at the Trade Bank of Iraq (TBI). This move aims to utilize the funds for purchasing goods that are exempted from US sanctions, particularly non-sanctioned commodities like medicine. The frozen funds primarily stem from Iraq's debt to Iran for imports of natural gas and electricity, which the Iraqi government has been unable to pay directly due to US banking sanctions on Tehran. With this breakthrough, both countries see an opportunity to strengthen their economic ties and pursue their national interests. Yahya Ale Eshaq, the head of the Iran-Iraq Joint Chamber of Commerce, expressed optimism about the growing trade volume between Iran and Iraq, which has already exceeded $10 billion. He believes that it will be possible to further increase the volume of trade to $20 billion in th...