Due to the U.S. sanctions on Iran, Tehran is unable to use or transfer US$5 billion in revenues it has received from Iraq for supplying natural gas and electricity to its neighbor, an Iranian official told local media on Wednesday. Even after the U.S. slapped sanctions on Iran’s energy exports, Iraq continues to import natural gas and electricity from Iran under a special waiver that the United States has regularly extended to Iraq . Major Iraqi power plants are dependent on Iranian natural gas supply, and Iraq also imports electricity from Iran, as Baghdad’s power generation is not enough to ensure domestic supply. Despite the U.S. waiver for energy trade between Iran and Iraq, Iran is unable to use the money Iraq has paid in Iraqi dinars for the energy it imports from Iran. Up to $5 billion sits in an escrow account at the central bank of Iraq, […]