Biden's decision to extend the emergency in Iraq protects Baghdad's money - Iraqi expert
The expert in American affairs, Professor Aqeel Abbas, confirmed that the White House’s decision, which was issued yesterday, to extend the state of emergency in Iraq, stems from economic and financial reasons, and has no military or security aspect.
He said that the United States protects Iraqi funds from seizure in accordance with this decision, as There is an unknown number of companies and entities around the world that have sued Iraq over the invasion of Kuwait, and if this protection decision is cancelled, Iraqi funds outside the country will be subject to seizure
Aqeel Abbas, in a statement:
Extending this decision is economic and financial, not military or security. It protects Iraq from judicial rulings issued by courts in several countries against Iraq, some of which we do not know yet, because the Iraqi state did not inventory the cases filed against the backdrop of the invasion of Kuwait. Many companies were harmed at that time and lawsuits were filed in different countries.
If the US decision is not extended, many Iraqi funds will be seized, and it will be difficult for Iraq to transfer oil money to the Central Bank.
Today, the United States is the protector of Iraqi funds. The funds go to an American bank in New York and then are transferred to Iraq.
Biden stated in a letter addressed to the US Congress:
Obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security, and the development of Iraq's political, administrative, and economic institutions continue to pose an extraordinary threat to the national security and foreign policy of Iraq and to the United States.
The national emergency declared in Executive Order 13303 relating to Iraq will remain in effect after May 22, 2024 for another additional year. link
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