Iraq has agreed to pay about $2.76 billion in gas and electricity debt to Iran after receiving a sanctions waiver from the United States, a senior Iraqi foreign ministry official said.
Iraqi Foreign Minister Fuad Hussein was given the clearance during a meeting with U.S. Secretary of State Antony Blinken on the sidelines of the Riyadh Conference on Thursday, the foreign ministry source, who spoke on condition of anonymity because he is not authorised to speak to the media, told Reuters.
However, U.S. sanctions on Iranian oil and gas have hampered Iraq's payments for imports, putting it in heavy arrears and leading Iran to retaliate by cutting gas flows regularly. The Iraqi foreign ministry source said that the funds will be transferred through the Commercial Bank of Iraq and confirmed that the money will be used for Iranian pilgrims' expenses and foodstuffs imported by Iran.
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