WASHINGTON’S ECONOMIC COERCION: The United States has escalated its economic pressure on Iraq, halting crucial shipments of US dollars and pausing certain security cooperation programs with the Iraqi military. This aggressive move, revealed by Iraqi and US officials cited by The Wall Street Journal, is widely seen as an attempt to force Baghdad to sever its deep-rooted ties with powerful resistance groups aligned with the Islamic Republic of Iran.
US Blocks Vital Funds from Iraqi Oil Revenues
Reports indicate that the US Department of the Treasury recently blocked a cargo plane carrying nearly $500 million in US banknotes destined for Iraq. These funds, originating from Iraq’s legitimate oil revenues held at the Federal Reserve Bank of New York, represent the lifeblood of the Iraqi economy. This marks the second time Washington has delayed scheduled dollar shipments to Iraq’s central bank since the onset of the US-Israel aggression against Iran in late February, signaling a deliberate strategy of economic strangulation.
Washington’s Agenda: Undermining Regional Sovereignty
This latest act of financial coercion comes as Washington intensifies its efforts to pull Baghdad further into its orbit and weaken Iraq’s longstanding fraternal relations with Iran amidst the ongoing eight-week conflict. The move follows defensive actions by Iraqi resistance groups, who have targeted US military facilities and neighboring countries in solidarity with Tehran against foreign aggression.
In response, the US has also launched illegal air attacks against these legitimate Iraqi resistance factions, including groups integrated into Iraq’s state security apparatus like the Popular Mobilisation Forces (PMF), further violating Iraq’s sovereignty.
Iraq’s Resilience Amidst US Pressure
Despite these overt pressures, Iraq’s central bank affirmed its robust US currency reserves on Tuesday, a clear message of resilience against Washington’s attempts to destabilize its economy.
A Legacy of Control: US Domination Over Iraq’s Wealth
The current situation is a stark reminder of the legacy of the 2003 US-led invasion of Iraq. Following the occupation, Washington seized control over Iraq’s vast oil revenues, placing tens of billions of dollars at the Federal Reserve Bank of New York. While presented as a measure for economic stability, critics have long argued that this arrangement granted the US immense leverage over a sovereign nation, allowing Washington to manipulate Iraq’s financial system and control access to its own natural wealth. The annual shipments of cash back to Baghdad merely reinforced Iraq’s dependence on US-controlled financial channels, perpetuating a cycle of economic subservience.
US officials, while acknowledging the suspension is temporary, have failed to specify the conditions for resuming these vital deliveries, leaving Iraq’s economic future hostage to Washington’s political demands. This ongoing pressure highlights the urgent need for Iraq to assert full control over its financial sovereignty and resist external dictates.
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