Baghdad has said it is in contact with Washington about some $10 billion it owes Iran in gas payments.
“Work is continuing” with the US regarding payments to Iran, Iraq's Prime Minister Mohammed Shia Al Sudani said on Tuesday, telling reporters the debt his country owes to its neighbour has fallen to $9.2 billion.
A delegation from Iraq's Central Bank and the Trade Bank of Iraq travelled to Oman on Tuesday “to agree on a formula for transferring these funds to the Sultanate of Oman, in agreement with the US Treasury”, he said.
While Iraq heavily relies on Iran for electricity – amounting to a third of its energy needs – it cannot pay Tehran directly because of US sanctions.
It has previously paid Iran through restricted Iraqi accounts, but requires US permission to do so.
Iran has pressured Iraq to obtain US permission to release the funds by cutting natural gas exports, damaging an already fragile power grid and increasing regular power blackouts during the summer.
In July, the US signed a waiver allowing Iraq to send the payments through foreign banks for the first time.
The 120-day waiver was issued with the hope of reducing Iranian influence on Baghdad.
“We thought it was important to get this money out of Iraq, because it is a source of leverage that Iran uses against its neighbour,” said State Department Spokesman Matthew Miller.
He said that the funds would be under the same restrictions as in Iraq, meaning they can only be used for humanitarian assistance.
A leading bloc in the Iraqi Parliament called last month for “swift action” to repay the debt to Iran.
The Co-ordination Framework called on the government “to contact the US side and urge the immediate unlocking of the unpaid bills related to Iranian gas imports.”
The bloc, which dominates the parliament with about 130 seats in the 329-member assembly, is close to Tehran.
MPs from the Co-ordination Framework have also blamed the US for the power cuts in Iraq, although Tehran has cut gas exports to the country in the past, usually due to high demand in Iran in the winter and summer months.
Experts say the root of Iraq's electricity problems are decades of underinvestment in infrastructure after years of conflict as well as generous subsidies that undermine investment in new power production.
In June, Mr Al Sudani proposed a barter deal with Iran that would have involved sending 250,000 barrels of oil per day to Tehran in exchange for gas, but US officials said this would have violated sanctions.
Iraq depends on Iranian gas imports despite having about 132 trillion cubic feet of proven gas reserves.
A project to invest billions of dollars in capturing and processing gas associated with oil production that began about 10 years ago is finally making headway, however.
The Basra Gas Company, a consortium of Mitsubishi, Shell and the Iraqi South Gas Company, aims to eventually supply power to about four million homes.
And a project with French oil major Total, finalised last month, will also ramp up gas production.
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• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
Zayed Sustainability Prize
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Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
• Remittance charges will be tackled by blockchain
• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
• News has a bright future and the UAE is at the heart of it
• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part three: the age of the electric vehicle begins
Read part two: how climate change drove the race for an alternative
Read part one: how cars came to the UAE
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The specs
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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• UAE's monumental and risky Mars Mission to inspire future generations, says minister
• Could the UAE drive India's economy?
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• The National announces Future of News journalism competition
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Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
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The National Editorial: Is there much to celebrate on International Women's Day 2021?
