Iraq Economy and U.S. Sanctions

The article discusses the escalation of U.S. sanctions against Iran and their targeting of the financial sector and dollar transactions, with warnings that Iraq— which exchanges more than $10 billion annually with Iran and partially depends on Iranian gas— faces significant risks. The challenges include Iraq’s most vulnerable sectors such as banks, remittance companies, and the importation of Iranian goods, with the possibility that Baghdad may be forced to choose between the dollar and Iran. The article also examines the potential reliance on non-dollar alternatives and the impact of sanctions on the supply of Iranian gas to Iraqi electricity, raising questions about emergency plans and the repercussions for Iraq’s financial system and economy.

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