Article: “Controversy over the oil agreement between Baghdad and Erbil: Temporary soutions or an end to the export crisis”
they believe the end to this crisis will be resolved this week. They have a schedule where they hope to start pumping this oil…for the oil and gas laws …including the rates...With the BBB being signed...
by President Trump...and many thinking key things are in it for the reset, and Iraq finally getting the oil and gas law done and billions of gallons of oil pumping. Lots are coming together at the same time…a perfect storm…I think its all coming together for a reason.
FRANK26: "IRAQ'S BANKING, THE STATE OF THE ART!!!".....F26
EQIQ Invests in Iraqi-US Banker's Digital Banking Venture
3rd July 2025
By John Lee.
UAE-based venture capital fund EQIQ has announced a $3-million anchor investment in a new digital banking startup led by Iraqi-American finance veteran Hussain Qaragholi (pictured). The total $15-million funding round will support the launch and early growth of the next-generation, AI-driven platform. (WHY WOULD THIS GENIUS MESS WITH 1310?!!! -F26) The new venture aims to transform Iraq's underdeveloped banking sector by providing scalable, customer-focused digital services. Iraq, the MENA region's fourth-largest economy, remains significantly underserved in digital finance. Qaragholi, founder of Phoenix Finance Partners, has held senior roles at Merrill Lynch, Citigroup, and Deutsche Bank. He played a major role in Iraq's $22-billion debt restructuring and sovereign bond offerings, and currently serves on RAND Corporation's Global and Emerging Risks
Board.
Mohamed Al-Hakim, Founding Partner at EQIQ, said:
"Hussain's deep global financial expertise, combined with his strong connection to Iraq's economic landscape, positions him uniquely to lead Iraq into a new era of digital banking ... This isn't just about launching a bank- it's about laying the digital foundation for Iraq's future economy."
Hussain Qaragholi added:
"This is Iraq's leapfrog moment ... With EQIQ's backing, we are building more than a bank; we are building the rails for digital finance across Iraq and beyond."
TISHWASH: Dollar Escape or Digital Trap? Iraq’s Financial Sovereignty Move
Summary
The podcast episode discusses a significant development in Iraq’s financial infrastructure: the launch of a national payment card scheme intended to reduce reliance on international payment networks like Visa and Mastercard.
Announced on July 4th, this initiative reflects Iraq’s efforts to assert financial sovereignty amid mounting international sanctions and political tensions, particularly with the United States.
The Iraqi Central Bank has mandated the implementation of an independent, local payment system, which would settle bank card payments domestically without involving global payment platforms. This move is partly a response to recent salary payment freezes affecting militia groups, which were linked to international payment system restrictions.
The new national card scheme represents a strategic step toward internal monetary independence and economic self-determination. However, it faces significant challenges, including technological readiness, economic fragility, and the ability to gain public trust.
The system will be operational by early next year, though it is limited to domestic use and cannot currently support international transactions.
The podcast host highlights parallels with China’s and Russia’s similar domestic payment systems, noting Russia’s MIR payment system as a precedent following its removal from the SWIFT network.
Further, the episode touches on the broader geopolitical ramifications of Iraq’s financial reorientation, including US opposition to Iraq engaging with Russia’s payment systems and ongoing US-imposed hidden financial sanctions aimed at controlling Iraq’s financial operations.
The host emphasizes that while these changes may create short-term difficulties or uncertainties, they also mark a bold step toward reducing foreign financial leverage over Iraq’s economy.
The episode concludes with reassurance that international card use continues uninterrupted for the time being and encourages listeners to stay informed and prepared amid ongoing financial shifts.
Highlights
🇮🇶 Iraq launches a national payment card scheme to reduce dependence on Visa and Mastercard.
💳 The new system operates solely within Iraq, excluding international payment platforms for domestic transactions.
⚠️ Recent salary freezes linked to international payment restrictions highlight vulnerabilities in the current system.
🌍 Similar systems exist in China and Russia, with Russia’s MIR system serving as a notable example post-SWIFT exclusion.
🇺🇸 US opposition rises as Iraq considers aligning more closely with Russia’s financial infrastructure.
🔒 The move aims to protect Iraq’s domestic market from political and financial freezes imposed by international sanctions.
⏳ The project’s success depends on Iraq’s ability to implement the system efficiently and build public trust amid economic challenges.
Key Insights
💡 Financial Sovereignty as a Political Statement: Iraq’s decision to implement a national payment card scheme is not purely technical but a strategic assertion of monetary sovereignty. By bypassing international networks like Visa and Mastercard, Iraq signals its intent to reduce external influence and political leverage embedded in global financial systems. This move is crucial given the country’s geopolitical tensions, especially with the US, and the impact of sanctions on Iraqi banks.
🔄 Response to Sanctions and Payment Freezes: The timing of the announcement amid salary payment freezes affecting militia groups underscores the practical challenges Iraq faces under the current global payment system. By instituting a closed-loop domestic payment infrastructure, Iraq seeks to insulate itself from politically motivated freezes that disrupt salaries and payments, which have broader social and security implications. This highlights how financial tools can be wielded as geopolitical weapons.
🌐 Limitations of a Closed Domestic System: While the national card scheme enhances domestic control, it inherently restricts international usability. This means Iraqis and businesses must maintain access to international payment networks for global transactions, creating a dual system that may complicate financial operations. The success of such a system depends heavily on technological infrastructure, regulatory effectiveness, and widespread adoption within a fragile economic context.
🔍 Comparisons with China and Russia: Drawing parallels with China’s domestic payment system and Russia’s MIR card system (which was developed after Russia’s exclusion from SWIFT) provides context on how countries adapt to geopolitical isolation. These examples demonstrate that while such systems can bolster economic resilience, they also require significant investment, coordination, and diplomatic navigation to remain viable and competitive.
⚔️ Geopolitical Tensions and Economic Decoupling: The podcast highlights escalating tensions between Baghdad and Washington, with the US reportedly opposing Iraq’s financial cooperation with Russia. Iraq’s move to establish a national payment scheme and consider alternative international financial partnerships suggests a gradual decoupling from the dollar-dominated system, potentially reshaping regional financial alignments and influencing global economic dynamics.
🏦 Challenges of Building Trust and Infrastructure: The Central Bank’s acknowledgment that the system is untested and must prevent collapse points to the practical risks involved. Iraq’s economic fragility, potential internet and power stability issues, and public confidence pose challenges that could undermine the project’s rollout. Success depends not only on technical deployment but also on effective communication and governance to reassure users and stakeholders.
📅 Implications for Iraqi Citizens and Businesses: The podcast host stresses the importance of public awareness and preparedness for ongoing financial changes. While international cards remain operational, the introduction of a national scheme may affect payment processes, timelines, and access to funds in the future. Individuals and businesses are encouraged to stay informed and adapt to the evolving financial landscape, highlighting the broader socio-economic impact of monetary policy shifts.
In summary, Iraq’s national card scheme represents a complex intersection of finance, technology, and geopolitics. It is a deliberate effort to reclaim financial autonomy in a challenging international environment, with potential long-term benefits but immediate hurdles that require cautious navigation and public engagement.
Washington announces its first sanctions on the Iraqi oil sector
7/3/2025
- Baghdad
The US Treasury Department announced on Thursday that it had imposed sanctions on a network that smuggles Iranian oil under the guise of Iraqi law, confirming that the network is run by Iraqi businessman Salim Ahmed Saeed.
The ministry stated in a statement seen by Shafaq News Agency that "a network of companies run by Iraqi businessman Salim Ahmed Saeed has been purchasing and shipping billions of dollars' worth of Iranian oil, disguised or blended with Iraqi oil, since at least 2020."
"Treasury will continue to target Tehran's sources of revenue and intensify economic pressure to disrupt the regime's access to the financial resources that fuel its destabilizing activities," Treasury Secretary Scott Besant said in the statement.
The US Treasury Department also imposed sanctions on several vessels accused of being involved in secretly delivering Iranian oil, intensifying pressure on what it called Iran's "shadow fleet."
The US Treasury also issued sanctions on several senior officials and one entity linked to the Hezbollah-controlled financial institution, Al-Qard al-Hassan.
The ministry noted that "the officials conducted transactions worth millions of dollars that ultimately benefited Hezbollah, but which it withheld."
Earlier, the Iraqi Oil Minister stated in a televised interview that Iran had forged oil tanker documents, using Iraq's name to export oil. He asserted that the Iraqi government had informed Washington that it was not responsible for these shipments and that the State Oil Marketing Organization (SOMO) was monitoring all its tankers via satellite.
Member: So when you say they’re working on HCL to get it done this week does that mean next week or by tomorrow?
Member: Also- when Iraq is releasing info to the press…many times it is already done…..
MZ: “Sudanese advisor explains the reasons for the delay in the 2025 budget schedules” Saleh says its about the oil in the Erbil region and the price per barrel. So its these 2 things holding it up
MZ:
“Controversy over the oil agreement between Baghdad and Erbil: Temporary soutions or an end to the export crisis” they believe the end to this crisis will be resolved this week. They have a schedule where they hope to start pumping this oil…for the oil and gas laws …including the rates.
MZ: We may get the budget schedules finally …..my contacts in Iraq believe there will be a new rate buried in those.