Iraqi Central Bank Stops Financial Tranactions with Russia Amid Sanctions

The Iraqi Central Bank has asked the government to seize all business and financial dealings with Russia following unprecedented sanctions by European Union and US that could harm Moscow’s economy due to its invasion of Ukraine.

The bank in a decree suggested that the Iraqi government should not sign any contracts with Russia aimed at protecting the Iraqi financial system. “This is our concern, Russia’s economy could get bad due to international sanctions, which indeed cripple its finance,” Rudaw news agency quoted the decree.

“In order to protect the Iraqi financial system, we suggest waiting, for the time being, about concluding any government contracts with the Russian side and the need to wait in transferring any financial payments that pass through Russia’s financial system,” it added.

Russian President Vladimir Putin invaded Ukraine last week, in which 352 people were killed, hundreds others received injuries so far. Thousands of people were also forced to flee to the neighboring countries to escape the bloody invasion.

The international community strongly condemned Russia for attacking Ukraine and demanded Russia to immediately withdraw its military forces from across Ukraine.

In order to pressurizes Russia to cease the war, US and western countries imposed immense sanctions, targeting its financial sectors in order to cut the flow of income which probably used in the war.


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