Iraq owes Iran $18 billion

Iraq owes Iran $18 billion

Iraq owes Iran $18 billion and the United States has allowed only $500 million to be repaid, the head of the Iranian Chamber of Commerce said. "The best option to free our money is to invest it in Iraq," he said.

"Iraq deposits Iranian electricity and gas money in a bank account in the name of the National Gas Company, but this does not mean that Iran cannot access the money," said Hamid Hosseini, head of the Iran-Iraq Chamber of Commerce.

He said Iranian money in a bank is subject to US decisions and will only be given to goods not covered by sanctions.

He said the Iranian foreign minister's visit to Iraq last month allowed the release of $500 million in Iranian money in Iraqi banks.

"The best thing to do with the money is to invest it inside Iraq," he said. "That doesn't mean we are giving up the money.

"Iraq's daily oil revenue is between $250 million and $300 million. According to the UN resolution, the money will go to the US Federal Reserve and then the US bank will decide to transfer the money to Iraqi banks and some of the money will be paid in cash.

"The United States monitors the Iraqi currency market, but not all Iraqi banking activities can be done through banks and the flow of foreign currency to Iran cannot be stopped," he said.