Iraqi Prime Minister Scheduled to Discuss Bilateral Relations with Russian President Vladimir Putin, 4 OCT
The Prime Minister of Iraq, Mohammed Shia Al Sudani, is expected to visit Moscow in the coming weeks, according to a statement from the Iraqi foreign ministry. While specific details about the visit and the agenda for the meeting have not been disclosed, it is anticipated that discussions could touch on bilateral relations, regional issues, and other topics of mutual interest between Iraq and Russia.
Strengthening Iraq-Russia Relations
The announcement was made by Foreign Minister Fuad Hussein after a meeting with his Russian counterpart, Sergey Lavrov, on the sidelines of the UN General Assembly in New York. During the meeting, both leaders discussed the prospects of joint cooperation and the potential for strengthening relations between the two countries.
“The Iraqi side is working on completing necessary preparations for a visit by Prime Minister Mohamed Shia Al Sudani to the capital Moscow during the coming weeks,” stated Mr Hussein. He further highlighted that the talks between the two sides could provide an excellent opportunity to discuss cooperation in the political and economic fields.
It was also suggested that a meeting of the joint Iraqi-Russian committee could be held in conjunction with this visit. Sergey Lavrov echoed his counterpart’s sentiments, emphasizing Russia’s eagerness to develop relations with Iraq and expressing anticipation for Mr Al Sudani’s visit to Moscow.
Decades of Bilateral Relations
Over the years, Iraq and Russia have built a robust bilateral relationship, primarily focusing on energy, military, and security. Major Russian oil companies, including Gazprom Neft and Lukoil, are actively working in Iraq, particularly in the oil-rich south. In his visit earlier this year, Mr Lavrov mentioned that Russian companies had made substantial investments in Iraq, totaling around $13 billion.
This relationship is further solidified by Iraq’s position as the second-largest producer of crude oil in OPEC, following Saudi Arabia. Interestingly, the US and EU have yet to impose sanctions on Russia’s oil sector, despite the punitive measures designed to impact its economy and financial system following Russia’s attack on Ukraine.
Iraq-Russia Collaboration Against ISIS
In addition to their bilateral cooperation in various fields, Iraq has also been coordinating with Moscow in the fight against ISIS. In 2014, Iraq, Russia, Iran, and Syria established a security coordination committee a few months after the US formed an international coalition in the war against the extremist group.
When the UN General Assembly passed a US-led resolution to condemn Russia’s invasion of Ukraine, Iraq abstained, along with China, Iran, India, Pakistan, Armenia, and 16 African countries. The resolution was ultimately adopted with the support of 141 countries out of 193.
Now they will only use the auctions for the GOI to run its businesses from now on making it very difficult for Iran to steal dinars through the auctions because that's where they used to steal the dollar through the auctions but there are no more dollars and that's why your security and stability is so strong right now. That's why we believe you're article VIII and the whole world is pouring in right now because they know that.
Oh my goodness the float is going to be fantastic. You think the float is going to take a few months?
No. It may take a few hours!
One of the mandates, rules, orders, laws of the WTO is not for you to have an international currency value but for you to have a currency with no restrictions...
That's why you'll [Iraq] be part of the WTO because you won't have any restrictions...Everyday you get closer and closer and closer. The inchworm, it's getting there isn't it. All these pieces are snapping together perfect...
A long time ago, I told you, the moment you see the HCL, seconds later you'll see the new exchange rate...
There are a lot of rumors saying this guy got all this [HCL] money, they're going to get it every month for now on. No. No. If it's true, show me. It's been 5 or 6 days now and you still have not shown the internet...The rumors have some truth to them.
IMO the HCL is being distributed in tranches. These increments are only being done specifically. But the HCL is not out yet...The moment you see the HCL, BOOM! You'll see the new exchange rate.
The WTO...you don't have to have a high exchange rate. But what do you have to have in order to be part of the WTO? Your currency must be what?Sanction free. There must not be any restrictions on your bank or your currency to join the WTO.
New Parliamentary Comment On The Oil And Gas Law Legislation
Baghdad today – Baghdad Today, Wednesday (October 4, 2023), the Parliamentary Oil and Gas Committee commented on the latest developments in the legislation of the Oil and Gas Law, which is the most important clause of the agreement between the forces of the State Administration Coalition, to form the Sudanese government.
Committee member Ali Saadoun said, in an interview with “Baghdad Today,” that “the delay in resuming the pumping of Kurdistan’s oil through Turkey has nothing to do with the issue of delaying the legislation of the oil and gas law,” indicating that “the draft law is still with the government technical authorities, and they are working on it.” Completing the draft in agreement with the Kurdistan Regional Government.”
Saadoun stated that “legislating the oil and gas law requires a political agreement, and due to the lack of this agreement, the legislation of the law has been delayed over the past years, despite the importance of the law, but we expect that currently there is almost an agreement to pass this law, despite the reservations of some parties about it within the House of Representatives.” .
Observers say that the essence of the dispute is due to a type of dispute over sovereignty over oil rights, production, and revenues. While Baghdad wants all rights to be vested in the central government, so that the revenues end up in one account subject to the supervision of the central government, the Kurdistan region authorities want to have the right to contract with foreign companies, and for the revenues to go to their own accounts, and not be subject to the Baghdad authorities.
New Parliamentary Comment On The Oil And Gas Law Legislation 55
Representative Firas Al-Muslimaoui said in previous press statements, “There is a real will in the House of Representatives to legislate the law,” noting that “Iraq’s oil is one and indivisible, and there is a movement towards achieving justice in the distribution of wealth to the people, whether in the Kurdistan region, the center, or the south.”
While Iraq exports about 3 million barrels of oil per day, the Kurdistan Region was exporting, before the closure of the Ceyhan line in Turkey, about 450 thousand barrels per day.
In this regard, the Prime Minister’s Advisor for Economic Affairs, Mazhar Muhammad Salih, told Al-Arab newspaper, “Adopting a unified national oil policy, and achieving optimal investment and production in Iraq’s oil area, starting from the southern fields up to the northern and regional fields, is an important and strategic matter in the matter of benefiting from Opportunity costs in the optimal and harmonious operation of the Iraqi oil policy currently, not to mention achieving the best financial returns for the country that we all aspire to to finance the construction of the Iraqi economy and the basics of sustainable development.”
Mazhar Saleh: The Law Will Establish A Stable National Road Map For The Oil Sector
The draft oil and gas law available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject. While the Kurdistan authorities say that the Iraqi government “has the right to participate in the management of the fields discovered before 2005, but the fields discovered after that belong to the regional government.”
According to the official news agency, the consultation committee between the two parties includes “the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO, and the advanced staff in the Ministry of Oil, as well as the oil-producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.”
Prime Minister Muhammad Shiaa Al-Sudani said at the beginning of last August that “the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and to benefit from this natural wealth, in “All fields and sectors, as well as the contribution of the legislation to solving many outstanding problems.” Source: Baghdad Al-Youm + Agencies LINK
Bringing In 11 Local Officials Caused More Than $41 Million In Damage
Economy News – Baghdad Today, Wednesday, the Federal Integrity Commission announced the issuance of a recruitment order against (11) officials in the Tourism and Antiquities and Heritage Commissions and the Nineveh Governorate. As a result of the violations committed in the Nineveh Hotel (Aburoi) investment contract.
A statement from the Authority’s Investigation Department, received by Al-Eqtisad News, stated that “the Second Karkh Investigation Court issued a summons order against the general directors of the Administrative and Financial Department of the General Authority for Antiquities and Heritage currently, and the Iraqi Fashion House, following violations that caused damage to public funds.”
He added, "The recruitment order also included the former Director General of the Administrative and Financial Department, the Accounts Director, and the former Fund Division Official at the Tourism Authority, as well as the former Governor of Nineveh, two former members of the Nineveh Investment Committee, and 3 of its engineers."
He pointed out that "the order was issued against the backdrop of violations committed in the investment contract for the (Nineveh Aburoy) Hotel concluded between the Tourism Authority and one of the real estate investment companies," noting that "those violations caused damage to public funds in the amount of (383,346.41) dollars, representing The total revenue from hotel rooms, and an amount of (886,323,373.3) dinars, representing the total salaries of employees with retirement entitlements.”
He stated that "the Second Karkh Investigation Court issued its decision to bring the accused based on the provisions of Article (331) of the amended Penal Code No. (111 of 1969).
Iraqi Council of Ministers Takes Significant Decisions Impacting Diverse Sectors, 4 OCT
On Wednesday, the Iraqi Council of Ministers, led by Prime Minister Mohammed Shia Al Sudani, took several impactful decisions across various sectors in its 40th Regular Session. The council addressed several critical national issues and outlined the government’s priorities.
Transparency and Media Responsibility
In the session, the council voted to pass a bill granting access to information following the Prime Minister’s emphasis on transparent governance and media responsibility. This legislation, previously reviewed by the State Council, will now proceed for consideration in the Council of Representatives, adhering to constitutional mandates.
Recognizing Yazidi Cultural Significance
Among the decisions made, the Council of Ministers declared Yazidi Eid (Jama) as an official holiday in Iraq, to be observed from 6th to 14th October annually. This decision recognizes the cultural and religious significance of the Yazidi community.
Boosting the Agricultural and Industrial Sectors
The council approved an increase in the capital of the Agricultural Cooperative Bank by 29,476,500,000 dinars, as sanctioned by the Committee for Determining Corporate Capital within the Ministry of Finance. This decision aims to support farmers and agricultural initiatives. Similarly, steps were taken for the Industrial Bank with the submission of a new establishment statement for the bank to the Ministry of Trade for legal measures regarding capital increase. An increase of 529,476,500,000 dinars was approved.
Reforms in Financial and Accounting Practices
The Council of Ministers also prioritized financial and accounting reform. All spending units are now required to submit funding requests within the operational investment budget directly to the Ministry of Finance’s Accounting Department. The respective ministers or governors are accountable for fulfilling legal obligations outlined in the Federal Financial Management Law No. 6 of 2019 and other relevant legislation.
Changes in Oil Export and Budget Allocations
The Iraqi Oil Marketing Company (SOMO) received approval for a direct contract with two affiliated companies, the Ministry of Oil’s oil tankers, and the Ministry of Transportation’s maritime transport company. This contract allocates 70% of exported oil products for transport via the oil tanker company and the remaining 30% through the maritime transport company. Additionally, the Council decided on various financial allocations, including transferring funds from the Border Ports Authority budget to support the network customs clearance connection program and compensating fish breeders by allocating funds from the Ministry of Finance to the Ministry of Agriculture.
Other Significant Decisions
The council also approved the national framework program document for technical cooperation for the period 2024-2029 and the exemption of contract 22 IRAQ MOD POLY 2022 for the supply of CH-5 drones and their fuel from audit and review procedures. Furthermore, a joint-stock company has been established to support investment in accordance with Cabinet Resolution 245 of 2019.
Turkey and Iraq: A Potential Strengthening of Ties in Defense and Security, 4 OCT
High-Level Meeting in Ankara
Iraq’s Defence Minister, Thabet al-Abbasi, will make an official visit to Turkey this week to meet his Turkish counterpart, Yasar Guler, according to Turkish media reports. This visit comes in the wake of heightened security concerns, following a bomb attack in Ankara, the capital of Turkey. The outlawed Kurdistan Workers Party (PKK), which Turkey and Iraq both recognize as a terrorist group, claimed responsibility for the attack. The Turkish authorities responded with air strikes on PKK targets in northern Iraq.
Significance of the Visit
The visit by Iraq’s Defence Minister is seen as a crucial step towards addressing the security concerns and bilateral defense issues between the two nations. Both countries are seeking to enhance their cooperation in the defense industry, which could potentially lead to the strengthening of ties and the initiation of mutual projects. However, the talks are not without challenges. The recent Turkish air strikes have been denounced by Iraq, with President Abdul Latif Rashid expressing the hope to reach an agreement with Ankara to resolve the situation.
Turkey’s Foreign Relations
Meanwhile, Turkey’s foreign relations have been under scrutiny recently. U.S. Secretary of State Antony Blinken will host Turkish Foreign Minister Mevlut Cavusoglu in Washington this week. The potential sale of F-16 fighter jets and Ankara’s refusal to support NATO membership for Sweden and Finland will be among the topics of discussion. Despite some tensions over Turkey’s acquisition of Russian missile defense systems and its stance on the Syrian Kurdish militia, the United States has praised Turkey for some of its actions during the Ukraine war, including mediating grain corridor talks.
Threats and Counteraction
Turkey’s Foreign Minister Hakan Fidan has warned that Kurdish militants behind the recent suicide bombing in Ankara will face robust retaliation against their positions in Syria and Iraq. Following the attack, Turkish warplanes have already conducted two airstrikes against suspected Kurdish militant sites in northern Iraq. In addition, dozens of people suspected of links to the PKK have been detained in a series of raids across Turkey. Fidan stated that all facilities belonging to the PKK or its affiliated Kurdish militia group in Syria, known as People’s Defense Units (YPG), are now legitimate targets of Turkish forces.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Hello everyone! It’s good being here tonight!
Member: I thought Iraq was supposed to join the WTO and come out with a revalued dinar today?
NZ: Well it has not come out yet ….I have been looking for news on Iraqs ascension….but, it is strangely quiet.
MZ: Lots of chatter in the bond folks suddenly …which is very encouraging. Many are expecting news tomorrow and on Saturday. Many are expecting funds to flow on Friday and Saturday.
MZ: Many are at least hoping to know what to expect by tomorrow. Most of the bond people are expecting funds over the weekend…
MZ: Some banking sources Think redemptions may start on Monday…..they think this …but do not know for sure.
MZ: Focus on the fact that we are seeing solid progress…..and that things are close.
MZ: To be honest I am hoping for it to happen this weekend.
MZ: We are hearing some conflicting opinions that we need the house of representatives to be back with a new speaker of the house to remove the remaining sanctions on Iraq. It is my understanding the bill is already at the senate and it could happen at any time.
MZ: Insiders on the beltway believe they will have a new speaker sat by middle of next week. Just in case they are right
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Member: TNT thinks it will go overnight tonight……
Member: We all hope they are right .
Member: Does anyone know if this RV is really real ? I am worried that this is never going to happen! Always new excuses…..
MZ: It is going to happen. Maybe the reason we keep hearing excuses is maybe it wasn’t time and people are trying to come up with reasons why???? This is a huge event…it’s a struggle…it’s a war and we are in the trenches. I think we are winning.
Mod: IT IS COMING, THEN WE WILL GO INTO SHOCK BECAUSE WE WON'T BELIEVE IT HAPPENED!!
Member: Its logical that it would be real……we are all praying it is real.
Member: Anticipation fatigue is real and its exhausting.
Member: I sure hope it happens before the snow falls.
Member: Thanks for your time Mark…..see everyone in the morning
Mod: NO WHISKEY AND WISDOM TONIGHT! JOINS US THURSDAY NIGHT AT 8:00 PM EST!
“THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IS IN MARKZ’S OPINION ONLY
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary,medical opinions or many guests on this stream……just RV/currency related topics.
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