Russia-Ukraine War - News, Discussions & Updates
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F-22Raptor
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Since the signing of Executive Order 13303 (EO13303) by US President George W. Bush on 22 May 2003, all oil revenues in occupied Iraq following the overthrow of President Saddam Hussein have been credited directly to the Federal Reserve Bank of New York.
EO13303, entitled ‘Protecting the Iraq Development Fund and other property in which Iraq has an interest,’ has been renewed annually by every US president since 2003, including Joe Biden in 2024, and no doubt will be renewed by Trump as well.
This executive order essentially puts control of Iraq's oil revenues at the discretion of the US president, leaving Baghdad with limited control over its resources and revenues.
Also on the same 22 May 2003, UNSC Resolution 1483 was passed to establish the US-led Coalition Provisional Authority led by Paul Bremer as the occupation authority for Iraq and to establish the Development Fund for Iraq (DFI) to manage Iraqi oil revenues.
Note that Resolution 1483 does not mention the U.S. Federal Reserve as the depository of Iraqi funds, nor does it designate a location for the headquarters or account of the Development Fund for Iraq.
In fact, the resolution specifically states that the DFI should be held at the Central Bank of Iraq, and at the time it was under the occupation administration, which unilaterally, as the then Iraqi authority, opened an account at the Federal Reserve Bank of New York.
This decision allowed the US government to maintain tight control over Iraq's oil revenues. From then until today, the Iraqi Ministry of Finance has had to submit monthly funding requests to the US Treasury, which then approves or rejects these requests based on its requirements. These monthly transfers from America are what determine Iraq's ability to pay for basic needs such as salaries, food and medicine for the population.
And whenever the U.S. deems Iraq to be disobeying them, these fund transfers can be delayed or reduced. For example, in January 2020, after the Iraqi parliament voted in favour of withdrawing US troops from Iraq, the same Trump administration threatened to freeze Iraq's access to its oil revenues.
It is Iraq's inability to control its own money that has prevented its long-term reconstruction and development, forcing it to rely on international loans. It is Iraq that is one of the largest holders of US Treasury bills, with $39bn invested.
And although UN Security Council Resolution 1956 of 2010 was passed that the Development Fund for Iraq should be dissolved and all funds should be given to Baghdad, yet this has not been done to this day, and the DFI account remains under US control at the Federal Reserve Bank of New York in defiance of the UNSC resolution.
The sustained US dominance over Iraq's financial resources has made the country one of the most corrupt in the world, as there is no accounting mechanism for funds under this system: The gigantic amounts of hard money that are brought into the country every month are unaccounted for, disappearing from the ministries. Since 2003, for example, more than $400bn has been withdrawn from Iraq....
And although Iraq today is no longer under official occupation, but the financial control mechanisms established since the occupation of 2003 remain, so our country since then no longer has real sovereignty, restrictions on economic development and sufficient funding for entire areas of life.
Translated with DeepL.com (free version)
EO13303, entitled ‘Protecting the Iraq Development Fund and other property in which Iraq has an interest,’ has been renewed annually by every US president since 2003, including Joe Biden in 2024, and no doubt will be renewed by Trump as well.
This executive order essentially puts control of Iraq's oil revenues at the discretion of the US president, leaving Baghdad with limited control over its resources and revenues.
Also on the same 22 May 2003, UNSC Resolution 1483 was passed to establish the US-led Coalition Provisional Authority led by Paul Bremer as the occupation authority for Iraq and to establish the Development Fund for Iraq (DFI) to manage Iraqi oil revenues.
Note that Resolution 1483 does not mention the U.S. Federal Reserve as the depository of Iraqi funds, nor does it designate a location for the headquarters or account of the Development Fund for Iraq.
In fact, the resolution specifically states that the DFI should be held at the Central Bank of Iraq, and at the time it was under the occupation administration, which unilaterally, as the then Iraqi authority, opened an account at the Federal Reserve Bank of New York.
This decision allowed the US government to maintain tight control over Iraq's oil revenues. From then until today, the Iraqi Ministry of Finance has had to submit monthly funding requests to the US Treasury, which then approves or rejects these requests based on its requirements. These monthly transfers from America are what determine Iraq's ability to pay for basic needs such as salaries, food and medicine for the population.
And whenever the U.S. deems Iraq to be disobeying them, these fund transfers can be delayed or reduced. For example, in January 2020, after the Iraqi parliament voted in favour of withdrawing US troops from Iraq, the same Trump administration threatened to freeze Iraq's access to its oil revenues.
It is Iraq's inability to control its own money that has prevented its long-term reconstruction and development, forcing it to rely on international loans. It is Iraq that is one of the largest holders of US Treasury bills, with $39bn invested.
And although UN Security Council Resolution 1956 of 2010 was passed that the Development Fund for Iraq should be dissolved and all funds should be given to Baghdad, yet this has not been done to this day, and the DFI account remains under US control at the Federal Reserve Bank of New York in defiance of the UNSC resolution.
The sustained US dominance over Iraq's financial resources has made the country one of the most corrupt in the world, as there is no accounting mechanism for funds under this system: The gigantic amounts of hard money that are brought into the country every month are unaccounted for, disappearing from the ministries. Since 2003, for example, more than $400bn has been withdrawn from Iraq....
And although Iraq today is no longer under official occupation, but the financial control mechanisms established since the occupation of 2003 remain, so our country since then no longer has real sovereignty, restrictions on economic development and sufficient funding for entire areas of life.
Translated with DeepL.com (free version)
Soldier35
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Russian Su-34 fighter-bombers struck the building of the State Emergency Service of Ukraine in the city of Kupyansk with a FAB-1500 bomb. According to Russian media, military units were stationed in the building of the State Emergency Service of Ukraine. As a result of the strike by the Russian FAB-1500 bomb, the building of the State Emergency Service of Ukraine was completely destroyed. Ukrainian media published photos of the aftermath of the bomb strike.
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