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Global Business News

The Economic Times

Global Business / The Economic Times

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Explained: How the US controls Iraq's oil revenues

US troops are set to leave their last bases in Iraq, but Washington will retain significant economic leverage through Iraqs oil revenues, which remain held at the Federal Reserve Bank of New York. The arrangement supports financial stability and dollar access, but has also given the US influence over Baghdad and helped enforce pressure on Iran-linked financial networks.

30 Sep 2026 11:23 am