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Iraq faces potential dollar system exit
Iraq is urging to potentially exit the dollar system forcibly, facing increasing pressure from the United States, which has been employing extensive financial influence tools since the 2003 invasion. This includes monitoring oil flows, dollar reserves, and the international banking system. Nevertheless, trade with Iran remains substantial, surpassing $10 billion in 2025, with Iraq heavily dependent on imports of natural gas from Iran to generate electricity. Compared to countries like China and Turkey, Iraq is less capable of withstanding American pressure, making its options limited between coercion and incentives. It is likely that Washington will support reforms in Iraq’s financial sector to enhance its independence and reduce its reliance on Iran, without causing a full-blown economic crisis.
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