7 days ago
Rep. Congressman warns al-Sudani: Freeze on oil funds looms
Shafaq News – Baghdad/Washington
US Republican Congressman Joe Wilson called for preventing Iraq from accessing its oil revenues held at the Federal Reserve, as a means to pressure Iraqi Prime Minister Mohammed Shia al-Sudani to stop attacks on foreign oil companies operating in the Kurdistan Region.
Posting on X, Wilson wrote, 'Attacks by Iran-backed Iraqi militias against US forces and American oil companies in the Kurdistan Region of Iraq will not be tolerated. ' urging al-Sudani to take decisive action, or 'face serious consequences.'
Attacks by Iran-backed Iraqi militias against US forces and American oil companies in the Kurdistan Region of Iraq will not be tolerated. Iraqi oil funds must no longer use the @federalreserve and Iraqi PM @mohamedshia must take decisive action or risk severe consequence.
— Joe Wilson (@RepJoeWilson) July 17, 2025
Meanwhile, A recent wave of nine drone attacks has dealt a serious blow to the Kurdistan Region's oil sector, triggering shutdowns and placing vital infrastructure under growing strain.
Following UN Security Council Resolution 1483 in May 2003, Iraq's oil and gas export revenues have been deposited in a special account at the US Federal Reserve known as the Development Fund for Iraq.
Five percent of these revenues were allocated to compensate Kuwait for damages from the 1990 invasion — a process that concluded in 2022 after Iraq completed payments totaling approximately $52.4 billion.
