Date: July 16th, 2026 7:50 PM Author: gibberish (?)
Iraq's oil money is deposited into an official account at the Federal Reserve Bank of New York. This financial arrangement began after the 2003 invasion to protect Iraq's revenues from lawsuits and international debt claims.The system works like this:Sales: Iraq sells its oil on the global market.Deposit: The buyers pay for the oil, and the money goes directly into the Central Bank of Iraq's account at the New York Fed.Withdrawal: When the Iraqi government needs to pay for things like public worker salaries, it must request those funds from the U.S..Delivery: The U.S. then ships the requested money—often in cash—back to Iraq.The U.S. maintains this control to regulate the flow of foreign currency and prevent funds from being illegally smuggled to sanctioned countries or militias in the region.