Iraqi oil in New York and dollar control after US exit

The article discusses the influence of the dollar in Iraq following the U.S. military withdrawal from its territories, particularly through the oil accounts system deposited at the Federal Reserve Bank of New York. It explains that oil revenues—which constitute about 90% of Iraq's income—pass through this system, granting the United States an indirect influence over Iraq's economy. The article highlights that the collapse of the U.S. military presence does not mean the end of American financial dominance, as cash flows remain affected by dollar control, especially given the excessive reliance on oil and the dollar in transactions. It also explores Iraq's potential to diversify its sources of income and achieve financial sovereignty by reducing dependence on oil and the dollar, despite the major challenge posed by the widespread reliance on oil, which exposes the economy to risks from price fluctuations and declining revenues. Ultimately, the article underscores that American influence persists through the financial system even in the absence of direct military presence.