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U.S. Grants Iraq New Waiver to Import Energy from Iran

New 90 day sanctions waiver has come into effect to allow Iraq to continue to import vital energy from Iran

The U.S. government has provided Iraq with a new 90 day waiver to allow the country to continue to import energy from neighboring Iran, following the expiry of the initial waiver on March 19th.

With Iraq heavily reliant on Iranian energy imports to meet its electricity needs, the new waiver will help Iraq mitigate potential energy shortages with Iranian gas imports amounting to 28 million cubic meters per day - enough to supply power for up to 1 million homes in Iraq.

The U.S. will also continue to work with Iraq to promote investment for its energy sector development and reduce its reliance on imports. Despite a number of major new build and upgrade power projects ongoing in the country, it is expected it will still take years for Iraq to achieve a state of self sufficiency in energy production.

U.S. sanctions on Iran were initiated in 2018 after withdrawing from its joint economic agreement in exchange for Iran curbing its nuclear development program.

 

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