US Congress members called for imposing sanctions on Iraq's Rafidain Bank

[RJG]

 

https://x.com/tarafiraqi/status/1886357713296482664

 

 

 

Iraqi luxury

 

@tarafiraqi

US Congress members called for imposing sanctions on Iraq's Rafidain Bank, accusing it of laundering money for Iran #Iraqi_luxury #Iraq #Baghdad #Iraqis #Iraqi #Iraqi_news #Rafidain_Bank #Rafidain #US_Congress #Iran #Tehran #US_sanctions

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4:15 AM · Feb 3, 2025

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US Congress calls for punishing Rafidain Bank on money laundering charges

www.tarafiraqi.com

 

[RJG]

The risks of imposing US sanctions on Iraqi government banks.. a threat to economic stability

Economy |Yesterday, 22:19 |

    

 

 

Baghdad Today - Baghdad

Today, Sunday (February 2, 2025), the international economic affairs expert, Nawar Al-Saadi, revealed the serious repercussions of the United States imposing sanctions on Iraqi government banks, such as Rafidain Bank, noting that this step could lead to widespread unrest in the Iraqi market.

 

Impact of sanctions on the Iraqi economy

Al-Saadi explained in a statement to Baghdad Today that the sanctions will not be merely legal measures against financial institutions, but will pose a direct threat to economic stability in Iraq, given the vital role these banks play in financing foreign trade and providing liquidity in US dollars to local markets.

He added that Iraq relies mainly on oil as a major source of revenue, as oil is marketed in US dollars, and the revenues from these exports are deposited in international bank accounts, and then used to finance the general budget, including salaries of government employees and project financing. Any obstruction of this process due to sanctions could lead to a stifling cash crisis, and limit the government's ability to transfer funds easily, which would negatively affect the internal economic cycle.

 

Implications for investment and exchange rate

Al-Saadi pointed out that the sanctions will lead to a loss of confidence among foreign investors in the Iraqi banking sector, making it difficult to attract new investments, which are necessary to diversify the economy and reduce dependence on oil. Iraqi banks may also face difficulties in dealing with international banks, complicating money transfers and causing delays in international payments.

He warned that these sanctions could push foreign companies to avoid dealing with Iraq, leading to partial economic isolation. In addition, the exchange rate will be directly affected, as speculation on the dollar on the black market will increase due to restricted access to hard currency, which will raise its value against the Iraqi dinar, leading to higher prices and inflation, which will worsen the economic conditions of citizens.

 

Widespread political and economic repercussions

Al-Saadi stressed that these sanctions may push the Iraqi government to look for new financial alternatives away from the US financial system, such as enhancing cooperation with other countries such as China and Russia, or adopting alternative financial mechanisms. This may change the economic balance in the region.

On this basis, imposing US sanctions on Iraqi state-owned banks will significantly impact the stability of the Iraqi economy, and may lead to complex political and economic repercussions that threaten the country’s financial growth path.

https://baghdadtoday.news/267161-مخاطر-فرض-عقوبات-أمريكية-على-المصارف-العراقية-الحكومية.-تهديد-للاستقرار-الاقتصادي.html?

[horsesoldier]

...quit your whining & sniveling...

[bkeiller]

The only risk to economic stability these sanctions will create is to Iran and their theocratic Iraqi puppets. Flush these treasonous wretches out and send them to Iran. 

[horsesoldier]

20 hours ago, bkeiller said:

The only risk to economic stability these sanctions will create is to Iran and their theocratic Iraqi puppets. Flush these treasonous wretches out and send them to Iran. 

.... consider the send them to hell clause...it's in the fine print