Economy News – Baghdad
Concerns Over Potential U.S. Sanctions on Somo National Company
A member of the Parliamentary Oil and Natural Resources Committee, Bassem Naghamish, has issued a warning regarding the possible imposition of U.S. sanctions on Somo National Company. Naghamish emphasized that targeting Somo equates to targeting the Iraqi economy, given that Somo handles the export of Iraqi crude oil, which serves as Iraq’s primary financial resource.
He stated, “The pressure on the Iraqi government regarding Somo and other economic matters necessitates a resolute response from Iraq.” He further noted that the U.S. appears to be pursuing a strategy aimed at isolating Iraq from Iran, raising alarms about the potential for a significant economic crisis. Such a crisis could severely impact the national budget, employee salaries, and ongoing investment projects due to the sanctions poised against Somo.
In a related development, Mustafa Sanad, a member of the Parliamentary Finance Committee, revealed that Iraqi political factions have received explicit warnings from the American embassy regarding possible sanctions targeting the oil marketing company (Somo) and prominent individuals within Iraq.
Former Foreign Minister Hoshiar Zebari also indicated that the U.S. administration is seriously considering sanctions against Somo, actions that could hinder the Iraqi government’s ability to finance essential projects and compensate its employees.
A recent report has surfaced, detailing leaked documents that implicate Iraqi authorities in Iranian oil smuggling activities through the oil marketing company (Somo). It describes a scheme where oil shipments, while officially classified as Iraqi, are in actuality Iranian, facilitated by the use of vessels documented under different names and accompanied by falsified documents.
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