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Tishwash:
Baghdad and Erbil unify customs system to control markets and protect the value of the dinar
The Iraqi General Authority of Customs announced on Thursday tangible progress in economic relations between the federal government and the Kurdistan Regional Government, confirming the region’s response to the initiative to unify customs tariffs and implement federal decisions, in a strategic step aimed at controlling local markets, combating money laundering, and maintaining the stability of the value of foreign currency.
In a press statement, the Director General of the General Authority of Customs, Samer Qasim, revealed that “the Kurdistan Region has actually begun to respond to the issue of unifying customs tariffs with the federal ports,” noting that the steps to comply with Resolution No. (597) and the customs instructions issued by Baghdad have entered into force.
Qasim explained that “the past two days witnessed a series of meetings in the capital, Baghdad, which resulted in initial agreements and practical understandings to begin unifying the customs system,” considering this step a fundamental pillar for resolving many outstanding files and issues between the two sides.
The Director General of Customs emphasized that traders operating outside the customs and tax system will be the “most affected” by these measures. He added, “Working with the ASYCUDA electronic system requires traders to possess a valid import ID and tax ID. Accordingly, no financial transfers will be allowed to pass through this unified digital system.”
Qassem explained that the tariff unification process will not include all goods in the first phase, but will focus on the “most imported goods” that cause large amounts of dollars to be drained abroad.
The Iraqi official concluded his statement by noting that the objectives of this coordination are “to regulate import operations, protect the Central Bank’s hard currency reserves, prevent the entry of low-quality goods, and provide a safe environment to protect the national product through a clear and comprehensive national customs policy.” (LINK)
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Iraq is preparing to export its oil via Türkiye, Jordan, Egypt, and Saudi Arabia… Syria is on hold.
The Ministry of Foreign Affairs announced on Thursday plans for external oil connections with four countries: Turkey, Jordan, Egypt, and Saudi Arabia. It noted that work on the Kirkuk-Banias pipeline has been postponed due to the situation in Syria, as the ministry explained that the security situation in Syria prevents Iraq from taking actual steps to restore the pipeline.
The Undersecretary of the Ministry, Hisham Al-Alawi, said in a statement to the official agency, which was followed by the 964 network , that “work on the Kirkuk-Banias pipeline has been postponed due to the security situation in Syria, which prevents us from taking actual steps in this direction,” indicating that “Iraq has several alternatives for external oil connections, including through Turkey and Jordan to Egypt, in addition to Saudi Arabia.”
He added that “the Iraqi government has worked over the past years to rehabilitate the oil export pipeline through Turkey, and there are talks with Jordan and Egypt,” noting that “Iraq has adopted the project to link the oil fields through Haditha, and discussions were about implementing a project to complete this link through Jordan to Egypt, but work on that has not started.” (LINK)
LouNDebNC:
Kremlin floats dollar return, broad US economic reset under Trump: Bloomberg
Russia may return to US dollar settlements and energy trade under Donald Trump, reversing de-dollarization. The Kremlin memo outlines cooperation tied to a U*****e peace deal, boosting US-Russia ties.
Russia is considering a shift back to the US dollar as part of a sweeping economic reset with the administration of Donald Trump, according to an internal Kremlin document reviewed by Bloomberg.
At the center of the proposal is Moscow’s potential return to the dollar-based settlement system, including for energy trade, a move that would mark a striking reversal of policy under President V************n.
Since well before the 2022 invasion of U*****e, the Kremlin had been actively pursuing “de-dollarization”, reducing reliance on the US currency to insulate the economy from Western financial pressure.
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That strategy intensified after sweeping sanctions cut Russia off from large parts of the dollar system.
Moscow shifted trade toward alternative currencies, deepened financial links with China and promoted parallel payment mechanisms.
A renewed embrace of the greenback hence represents a fundamental rethink.
The memo, circulated among senior Russian officials this year, outlines seven areas of potential US-Russia cooperation tied to a future U*****e peace deal.
These include joint oil and LNG projects, offshore drilling, access to critical minerals, preferential treatment for American companies re-entering Russia, and coordinated backing of fossil fuels over climate-focused policies favored by Europe and China, as per the report.
The dollar provision, however, stands out. The document argues that rejoining the dollar system would expand Russia’s foreign exchange market and reduce balance-of-payments volatility.
For Washington, it suggests, such a shift would reinforce the dollar’s status as the world’s reserve currency.
The report cited western officials who remain skeptical that the Kremlin would ultimately jeopardize its strategic alignment with Beijing.
However, a dollar reset would hand the Trump camp a major geopolitical win.
Source: Dinar Recaps
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