The funds in question have been held at the New York Federal Reserve Bank since the imposition of sanctions. Initially, when Iraq demonstrated responsible behavior, the United States was relatively accommodating in permitting withdrawals. However, Iraq’s recent defiance resembles that of a stubborn child, leading to a more restrictive approach from the U.S. If the U.S. were to act with technical precision, it would only allow Iraq access to sufficient funds for essential needs like food and medicine, in accordance with the historical guidelines of the Trust. Unfortunately, Iraq has shown an inability to adhere to these rules, and it must recognize that any leniency will require compliance with U.S. directives. I previously indicated that the revaluation (RV) would be at least a year away, based on logical deductions and the assumption that Iraq’s electoral system would operate normally, which, in reality, it often does not.
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