The Iraqi protest movement calls for an end to the mechanism for transferring oil revenues through the US Federal Reserve.
The Iraqi protest movement calls for an end to the mechanism for transferring oil revenues through the US Federal Reserve.
10-2-2026
Information/Baghdad..
The head of the Iraqi protest movement, Ammar al-Tamimi, called on Friday for an end to the mechanism of transferring Iraqi oil sales revenues through the US Federal Reserve, noting that the continuation of this mechanism undermines national sovereignty and gives Washington leverage over Baghdad.
Al-Tamimi explained to Al-Maalouma that “Iraqi oil sales in international markets have their proceeds paid to the US Federal Reserve before the funds are delivered to Baghdad in installments, and therefore this mechanism means that Washington is holding onto Iraq’s money.”
He added that “oil sales constitute more than 90% of Iraq’s annual financial revenues, and therefore the continuation of this mechanism represents a pressure tactic on Baghdad.”
He pointed out that “maintaining this mechanism infringes on national sovereignty, therefore we call for the funds to be transferred directly to Baghdad, without going through the US Federal Reserve or any other foreign entity.”
Al-Tamimi emphasized that “sovereignty must be political and economic, and this would enhance Baghdad’s ability to finance projects, especially those that contribute to supporting stability in various sectors.”
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