Iran Strikes Back: Dedollarisation Surges Amid US Crackdown on Iraqi Banks

The Iraq 'loophole' for bypassing sanctions will grow less important as Tehran secures new de-dollarisation partners.

Image: gulanmedia.com

Reports have emerged that the Central Bank of Iraq (CBI) has banned five banks from conducting dollar transactions and other banking activities. Although the CBI has denied the claims, the reports align with previous US policies and follow a meeting between CBI and American officials in Dubai. The aim is to disrupt Iran's ability to conduct international trade and finance, as Iraq has long served as a loophole for accessing the US dollar. This is part of Washington’s ‘maximum pressure’ campaign, aimed at 'bringing Iran to its knees', as President Pezeshkian has warned.