No it doesn't. They handed back control in 2004.
Umm.. no....
Heres the facts... again... although it seems you dont wish to acknowledge reality ...
Theres no good guys sorry mate.
Since the signing of Executive Order 13303 (EO13303) by President George W Bush on 22 May 2003, all revenues from Iraq’s oil sales have been funneled directly into an account at the Federal Reserve Bank of New York.
EO13303, titled “Protection of the Development Fund for Iraq and Other Property in Which Iraq Has an Interest,” has been renewed annually by every US president, including Joe Biden in 2024. This executive order essentially places control over Iraq’s oil revenues under the discretion of the US President, leaving Baghdad with limited control over its resources and earnings.
This decision allowed the US government to maintain tight control over Iraq’s oil revenues. From that point until today, the Iraqi Ministry of Finance has had to submit requests for funds to the US Treasury, which then approves or denies these requests based on its own criteria.
By Lisa Myers & the NBC investigative unit.
After the U.S. invasion of Iraq, the United States took control of all of the Iraqi government’s bank accounts, including the income from oil sales. The United Nations approved the financial takeover, and President Bush vowed to spend Iraq’s money wisely. But now critics are raising serious questions about how well the United States handled billions of dollars in Iraqi oil funds.
2025
A rare ally of both the United States and Iran with more than $100 billion in reserves held in the U.S., Iraq relies heavily on Washington's goodwill to ensure that its access to oil revenues and finances are not blocked.
2023
The US holds Iraq hostage with the dollar
Since 2003, Iraq is required to send all its oil revenues to a single US bank account. Washington is now weaponizing Baghdad's own dollars against Iraq, by devaluing its currency and hindering payments.
It was explained to The Cradle that the US Treasury had previously followed a particular schedule in providing Baghdad with dollars - sending $2.5 billion every three months that were transported by five planes.
Consequently, Washington moved to reduce its dollar transfers by almost half, and to slow down most financial transfer procedures from Iraq - now taking about 15 days to complete - which have paralyzed the Iraqi market and surprised the Baghdad government.
Note that the dollars being transferred to Iraq consist of Iraqi funds deposited in US banks.
Why does the US control Iraq's dollars?
Iraqi financial sources point to the main dilemma: Since 2003, all Iraqi oil revenues have been paid into an account with the US Federal Reserve. Although Iraqis formed a sovereign government after the US invasion and occupation of their state, Iraq is still restricted from opening accounts for its oil earnings outside the United States.
thecradle.co
