Legal expert Ali Al-Tamimi said Iraq has options if it wants to reduce the influence of the U.S. Federal Reserve over its oil revenues and gain greater control of its financial resources.
Speaking to dinaropinions.com, Al-Tamimi explained that Iraq can approach the United Nations Security Council to seek changes to Resolution 1483, which was issued in 2003 and required Iraq’s oil and gas revenues to be deposited through the U.S. Federal Reserve system.
He said Iraq can also rely on the bilateral agreements between Baghdad and Washington to improve the management of its funds and work toward modifying the arrangements that govern its oil revenue accounts.
Al-Tamimi noted that the Security Council ended many of the restrictions imposed on Iraq after the 1990 invasion of Kuwait through a resolution issued in 2015. According to him, this gave Iraq more flexibility and greater authority over its financial resources.
He added that Iraq could strengthen its financial independence by reducing its reliance on the U.S. dollar and adopting policies that increase the independence of its financial and economic system.
