Can Iraq control its revenues independently of American influence? A legal expert explains.
Can Iraq control its revenues independently of American influence? A legal expert explains.
6-14-2026
Information/Baghdad…
Legal expert Ali al-Tamimi explained how Iraq can control its oil revenues and funds, free from American influence and control over these funds.
Al-Tamimi told Al-Maalouma that “Iraq’s oil revenues were deposited with the US Federal Reserve Bank by virtue of UN Security Council Resolution 1483, issued in May 2003, which obligated Iraq to transfer all oil and gas revenues to a special account in the name of the Central Bank of Iraq at the US Federal Reserve.”
He added that “the Security Council resolution can be amended or revoked by the Council itself, but this requires the approval of a majority of its members, including the five permanent members.”
He indicated that “Iraq can have greater control over its funds if it takes steps to reduce its dependence on the US dollar and increase the independence of its fiscal policy by diversifying the currencies in Iraqi reserves, developing a local payment system based on the dinar, increasing cooperation with other countries to facilitate trade in local currencies, improving the management of foreign reserves, and reducing reliance on the dollar.”
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