Iraq Denies Any Connection To Oil Tankers Seized With Forged Documents.
Iraqi Oil Minister Hayan Abdul Ghani revealed that Baghdad received verbal messages from Washington regarding the US Navy's seizure of tankers carrying Iranian oil in the Gulf using Iraqi documents, stressing that Iraq informed the United States that these documents were forged.
Abdul Ghani explained, in a television interview, that some Iranian traders use fake documents, but that Iraq has nothing to do with these operations. He confirmed that the State Oil Marketing Organization (SOMO) monitors all its shipments via satellite, emphasizing that export operations through the company are transparent, as sales are only made to companies that own refineries, which distinguishes Iraq from others.
The minister indicated that some traders attempted to
change the destination of shipments to take advantage of price differences between Asian and European markets, but SOMO took strict measures against them, including blacklisting some of them. He stressed that the company did not commit any violations in the export operations. https://www.radionawa.com/all-detail.aspx?jimare=41459
How will this...the digital dinar... impact the dinar paper we, as investors hold outside of Iraq?
Any country’s government or individual citizens owning the dinar paper outside of Iraq will NOT have to turn it into the banking system. There will be NO given window timeframe when it is best to do so.
There will be no urgency. The banks will still use the paper when needed since not all countries will be digitized...There is NOT going to be a HARD window and a definite time period. I wanted to make this very clear...
Baghdad Informs Washington: Iran Used Iraqi Documents To Sell Its Oil
Energy Economy News – Baghdad Following accusations against Iraq regarding SOMO's involvement in selling Iranian oil as Iraqi oil to help Tehran circumvent sanctions, Oil Minister Hayan Abdul Ghani revealed US-Iraqi talks on the matter.
Abdul Ghani said, "US naval forces seized Iranian tankers carrying oil and found documents indicating that it was Iraqi oil, even though it was Iranian."
Forged Documents
He added in statements to state television yesterday that "it later became clear that these documents were forged, as these Iranian tankers had forged them to sell oil to international companies as Iraqi oil."
He also confirmed that the Iraqi authorities "spoke with the American side to clarify the details of this case, and that Iraq has nothing to do with it." He explained that the American side understood the matter.
Oil Refinery In Iraq
These statements came after information emerged in recent months about SOMO's involvement in exporting and smuggling Iranian oil, amid threats of US sanctions against the company. SOMO had previously denied these accusations.
On the 19th of this month, the Iraqi Navy announced the seizure of an unidentified vessel in Iraqi territorial waters in the Gulf, suspected of smuggling fuel.
It's worth noting that since the US unilaterally withdrew from the 2015 nuclear agreement, Washington has tightened its sanctions on Tehran and reimposed stifling restrictions on certain sectors, particularly oil. https://economy-news.net/content.php?id=53726
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The Iraqi government is listening to proposals to establish a new bank called "Rafidain First."
3/23/2025
The Iraqi government received financial and technical offers on Sunday to begin work on establishing a new bank called "Al-Rafidain First."
This came during a meeting chaired by Al-Sudani to follow up on reform measures at the Rafidain and Rashid banks, attended by representatives from Ernst & Young, according to a statement issued by Al-Sudani's media office.
The statement added that the meeting reviewed the progress made in the banking reform process, which the government has adopted to restructure and develop Rafidain and Rashid banks. It also discussed revising their internal regulations to ensure they are in line with international standards and the objectives of banking reform. It also discussed the issue of private debts in the two banks, their repayment mechanisms, and the measures taken to train their staff.
In this regard, the Prime Minister directed the two banks to continue their reform process, and for their managements to develop strategies that contribute to accelerating the reform process.
The meeting also followed up on the procedures for establishing a new bank called Rafidain First Bank.
The Council of Ministers, in a session held on January 13, approved the establishment of this bank, with a different vision that embraces modern technologies and international standards to help implement the government's financial and banking reform objectives, which will have a positive impact on the country's economic trajectory and development.
The statement indicated that Ernst & Young submitted a report in which it reviewed the financial and technical offers for the project to establish the First Rafidain Bank.
Outcomes of the Sudanese meeting on reforming the Rafidain and Rashid banks
3/23/2025
Baghdad
Prime Minister Mohammed Shia al-Sudani chaired a meeting on Sunday to follow up on reform measures for the Rafidain and Rashid banks, with representatives from Ernst & Young in attendance.
The meeting reviewed the progress of the banking reform process adopted by the government to restructure and develop Rafidain and Rashid banks, and discussed revising their internal regulations to be in line with international standards and the objectives of banking reforms. It also discussed the debts of the two banks and their repayment mechanisms, as well as the measures taken to train their staff. In this regard, the Prime Minister directed the continuation of the reform process for the two banks, and for their administrations to develop strategies that contribute to accelerating the reform process.
The meeting also followed up on the procedures for establishing a new bank, Rafidain First Bank, which was approved during the Cabinet session held on January 13. The bank's vision is to adopt modern technologies and international standards that will help implement the government's financial and banking reform objectives, which will have a positive impact on the country's economic trajectory and development.
Ernst & Young submitted a report reviewing the financial and technical offers for the project to establish the First Rafidain Bank.