US Leverage: Iraq's Oil Revenues Trapped in New York Financial System

For over two decades, Iraq's oil wealth has flowed through a complex financial system based in New York.

This arrangement was initially designed to safeguard Iraqi oil revenues from creditors and fund reconstruction efforts after the US-led invasion of Iraq in 2003.

However, today it gives Washington significant influence over Baghdad's access to its own dollars.

The US has been using this leverage to pressure the Iraqi government to curb Iran's influence and suppress activities of armed groups aligned with Tehran.

In April, a shipment of around $500m in cash was blocked by Washington as part of these efforts.