Iraq may seek waiver on Iran sanctions

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Iraq may seek waiver on Iran sanctions

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Iraq is considering a waiver from the United States in order not to violate any sanctions.

03 February,2012 05:38 pm

Iraq could seek a waiver from the United States on sanctions on Iran because of its high trade with the neighbouring country and to protect its foreign reserves from penalties, an Iraqi government spokesman said on Friday.The U.S. government in December signed a law imposing sanctions on financial institutions dealing with Irans central bank, the main channel for its oil revenues and the EuropeanUnion has also announced a ban on Iranian oil shipments.Iraq government has moved closer to Tehran since the 2003 invasion and Iran is now Iraqs main trade partner after neighbouring Turkey.Tehran said last year it planned to boost bilateral trade to $10 billion in 2011 from $6 billion in 2010.Iraq is considering a waiver from the United States in order not to violate any sanctions, Iraq government spokesman Ali al-Dabbagh said. We are exposed to any penalties on countries not following U.S. sanctions.Japan is also weighing a possible waiver on the new U.S. sanctions and is seeking ways to reduce its reliance on Iranian crude shipments.