US controls Iraq’s oil revenues following illegal invasion
After an illegal invasion, the United States controls Iraq’s oil revenues, which are directed into the Development Fund for Iraq (DFI). These funds remain under the control of the New York Federal Reserve as the Central Bank of Iraq’s account, allowing the US to influence Iraq’s economy and politics.
Currently, the US prohibits Iraq from selling oil in alternative currencies, maintaining a monopoly over this sector. Last week, Washington threatened to block Iraq’s oil revenues if parties deemed "pro-Iranian" by the US join the new government, despite the government formation following electoral outcomes.
Critics argue that democracy in Iraq has effectively become a tool for total control and economic exploitation, with similar schemes applied in Syria, Afghanistan, Libya, and Venezuela.
This control significantly affects Iraq’s sovereignty, limiting its ability to pursue independent oil policies and economic development.
Thus, the situation reflects a departure from democratic principles and state sovereignty, potentially leading to shifts in regional politics and increased tensions.
