Iraq is OPEC’s second-biggest crude producer and more than 90 percent of the state budget, which reached $112 billion in 2019, derives from oil revenues. Every month or so, Iraq flies in $1-$2 billion in cash from that account for official and commercial transactions. The US already sanctions Iraqi nationals, armed groups and even banks for links to Tehran, Washington’s arch-foe in the region. The US is considering other — less inflammatory — options too, US and Iraqi officials said. Iraqi officials said the US threat to deny access to oil revenues was met with shock, anger and near-disbelief.

Source: Egypt Independent January 13, 2020 10:07 UTC