Over 30 Banks in Iraq Face US Sanctions Over Dollar Dealings
The Observatory stated that the sanctioned institutions included both Iraqi and Arab banks, which are now prohibited from conducting transactions in U.S. dollars.
ERBIL (Kurdistan24) — The ECO Iraq Observatory announced on Wednesday that 35 of the 72 banks currently operating in Iraq have come under U.S. sanctions, primarily due to alleged violations involving U.S. dollar transactions.
The Observatory stated that the sanctioned institutions included both Iraqi and Arab banks, which are now prohibited from conducting transactions in U.S. dollars. The latest to be added to the list is the Bank of Baghdad, reportedly due to actions by a former executive director accused of providing misleading information.
According to the statement, the U.S. Treasury Department plans to officially notify the Central Bank of Iraq (CBI) and urge immediate action against banks implicated in unlawful dollar dealings or cooperation with blacklisted entities.
The report further warns that if the CBI fails to act on communications from the U.S. Treasury, it could also face financial repercussions.
