Hits back at perceived double standard
Iraqi economist challenges narratives on US sanctions
NEWSROOM – In an interview with Al-Rasheed TV, Manar Al-Obaidi, an economic expert from Iraq, delivered insightful commentary on the U.S. sanctions targeting Iraqi banks, juxtaposing this situation against the broader international trade practices with Iran. Al-Obaidi’s observations illuminate the perceived inconsistencies in how these sanctions are applied, especially when compared to the dealings of other countries with Iran.
“Why does the United States impose sanctions on Iraqi banks?” Al-Obaidi queried, drawing attention to the wider geopolitical landscape. He argued that the U.S. sanctions appear selectively applied, noting, “Many countries, including the United Arab Emirates and Malaysia, engage in significant trade with Iran, yet they face no such sanctions.”
Al-Obaidi brought to light the substantial trade relationships between Iran and other nations, stating, “The trade volume between Iran and the UAE reaches $17 billion, and Iran sells oil to Malaysia, which then ships it to China, amounting to $29 billion.” This comparison raises questions about the criteria used for enforcing sanctions and suggests a disparity in treatment.
Highlighting a recent Financial Times report, Al-Obaidi pointed out, “Even some British banks have been facilitating money transfers to Iran. This indicates that the global enforcement of sanctions is not as uniform as it should be.”
The Financial Times report Manar Al-Obaidi mentions uncovers complex schemes by Iranian entities using UK banks to reportedly evade sanctions, which is not directly equivalent to the trade and transfers the U.S. says are facilitated to Iran via some Iraqi banks.
Discussing the rationale behind the selective imposition of sanctions, he suggested, “Countries that have not faced sanctions likely benefit from strong lobbying efforts that protect their interests.” Al-Obaidi lamented the absence of such advocacy for Iraq, emphasizing the need for a more effective representation of Iraqi interests beyond governmental channels.
However, comparing the situation of Iraqi banks with those in the UAE or Malaysia might not be entirely straightforward. The sanctions on Iraqi banks are specifically tied to the allegation of these banks being involved in schemes that directly benefit Iran in sanctioned sectors.