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A simple principle underpins a contentious Thursday decision by the U.S. and key allies to tap profits from Russian sovereign assets in support of Ukraine: Moscow must make reparations. Questions have also been raised over the legality of setting such a precedent: Russia has been cut off from its frozen assets, but retains their ownership. The proposal must now pass various legal hurdles and be backed by European states, where the majority of frozen Russian assets are held. Further loans secured against the interest accrued by Russian frozen assets could be forthcoming, U.S. Treasury Secretary Janet Yellen signaled on Thursday. The annual summit comes as most of the G7 leaders face their own domestic upheavals including national elections and falling approval ratings.

Persons: Charles Michel, CNBC's Steve Sedgwick, Joe Biden, Volodymyr Zelenskyy, Putin, we're, Biden, Michel, Janet Yellen, Yellen, We're, Russia's, Ursula von der Leyen, Georgia Meloni Organizations: U.S, West, . Security, Kyiv, Treasury, Bank, European Commission Locations: Ukraine, Moscow, Russia, Russian, Canada, France, Germany, Italy, Japan . U.S, Kuwait, U.S, Borgo Egnazia, Puglia

☆ Leaders should consider using frozen Russian assets to bolster Ukraine’s military, EU's von der Leyen says
▼ + stars: | 2024-02-28 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

The European officials and Canada's Prime Minister are visiting the capital Kyiv on the second anniversary of the start of the Russian full-scale invasion in Ukraine. (Photo by STR/NurPhoto via Getty Images)European leaders should discuss using the profits from frozen Russian assets to boost Ukraine's military in its defence efforts against Moscow, European Commission President Ursula von der Leyen said Wednesday. "It is time to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine," she said in a speech before the European Parliament. "There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live," von der Leyen noted. Crucially, frozen assets are, by definition, temporarily retained rather than fully seized with the ability for reallocation.

Persons: Ursula von der, Belgium Alexander De Croo, Giorgia Meloni, Canada Justin Trudeau, Ukraine Volodymyr Zelensky, Ursula von der Leyen, von der Leyen, Von der, Janet Yellen, Russia's Organizations: Canada's, Getty Images, European Union, Treasury, . Security, Bank Locations: Belgium, Italian, Canada, Ukraine, Kyiv, Russian, Moscow, Europe, Kuwait

☆ Drone attack targets Iraq's Harir base, sirens sound at US embassy
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

BAGHDAD, Nov 8 (Reuters) - An armed drone targeted al-Harir airbase hosting U.S. forces in northern Iraq, two security sources said on Wednesday, following sirens warning of a possible attack at the U.S. embassy in Baghdad. The sirens sounded at the U.S. embassy on Wednesday evening, several people in Baghdad's heavily-fortified Green Zone that houses the embassy said, but there were no reports of projectile impacts or casualties. A spokesperson for the U.S. embassy and an Iraqi government security official did not immediately respond to requests for comment. A group called the "Islamic Resistance in Iraq" claimed responsibility for the latest attack, saying in a statement that it targeted al-Harir airbase with two drones. Among the bases were Ain al-Asad in western Iraq, a military base near Baghdad's international airport and Harir in Erbil.

Persons: Mohammed al, Sudani, Asad, Timour Azhari, Grant McCool, Daniel Wallis, Diane Craft Organizations: Harir, U.S, U.S ., Hamas, Israel, Thomson Locations: BAGHDAD, Iraq, Baghdad, Baghdad's, Syria, Israel, Iran, Ain, Harir, Erbil

☆ Armed drones shot down over Iraq airport where US forces based
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Nov 7 (Reuters) - Three armed drones were shot down on Tuesday in two separate attacks over Erbil airport in northern Iraq where U.S. forces and other international forces are stationed, Iraqi Kurdistan's counter-terrorism service said in a statement. The attacks are the latest in a series on U.S. troops in Iraq and Syria as tensions soar in the Middle East over the Israel-Hamas war. A group called the "Islamic Resistance in Iraq" said it targeted Al-Harir military base, which is about 70 km northeast of Erbil airport. The defence system at a military base near the airport successfully defended against the drones, the statement said. Iraqi Prime Minister Mohammed al-Sudani has pledged to pursue those responsible for recent attacks on three military bases in Iraq hosting international coalition advisers, including Ain al-Asad in western Iraq, a military base near Baghdad's international airport and Harir in Erbil.

Persons: Al, Mohammed al, Sudani, Asad, Amina Ismail, Nick Macfie, Jason Neely Organizations: U.S . Defense Department, Coalition, U.S, Iraqi, Thomson Locations: CAIRO, Erbil, Iraq, U.S, Iraqi, Syria, East, Israel, Ain, Harir

☆ Blinken Visits Iraq in Bid to Prevent Gaza Spillover
▼ + stars: | 2023-11-05 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

Washington wants to prevent a wider regional conflict and has stepped up diplomacy with regional countries whose populations have been angered by Israel's assault on Gaza. Blinken landed at Baghdad’s international airport, donned a ballistic vest and traveled by Black Hawk helicopter to the Green Zone, a remnant of the U.S. occupation of Iraq after its 2003 invasion. At the U.S. ambassador’s residence he was briefed on threats to U.S. facilities, before heading to the prime minister’s office. Iran-backed group Kataib Hezbollah issued a warning on Saturday night that the expected Blinken visit would be met with "an unprecedented escalation." Iraqi armed groups aligned with Iran have threatened to target U.S. interests with missiles and drones if Washington intervened to support Israel against Hamas in Gaza.

Persons: Antony Blinken, Blinken, Mohammed al, Sudani, Asad, Hezbollah's, Sayyed Hassan Nasrallah, Simon Lewis, Hugh Lawson, Conor Humphries Organizations: West Bank, U.S, Iraqi, Baghdad’s, Black, Green Locations: BAGHDAD, Iraq, Israel, Baghdad, . Washington, Gaza, Turkey, Iran, Syria, Gaza . Iraqi, Ain, Harir, Iraqi, Erbil, Lebanon, U.S

☆ Blinken visits Iraq in bid to prevent Gaza spillover
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +3 min

Persons: Antony Blinken, Mohammed Shia, Al Sudani, Blinken, Mohammed al, Sudani, Asad, Hezbollah's, Sayyed Hassan Nasrallah, Simon Lewis, Hugh Lawson, Conor Humphries Organizations: Hamas, West Bank, U.S, Iraqi, Baghdad’s, Black, Green, Thomson Locations: Baghdad, Israel, Palestinian, Iraq, BAGHDAD, . Washington, Gaza, Turkey, Iran, Syria, Gaza . Iraqi, Ain, Harir, Iraqi, Erbil, Lebanon, U.S

☆ Small Fire at Baghdad's Al-Rasheed Hotel Extinguished; Occupants Have Returned to Rooms -Official
▼ + stars: | 2023-09-26 | by ( Sept. | At P.M. | ) www.usnews.com time to read: 1 min

BAGHDAD (Reuters) - A small fire that led to guests and diplomatic personnel being evacuated from Baghdad's Al-Rasheed hotel has been brought under control, an official at the hotel told Reuters via phone early on Wednesday. The hotel houses several envoys from Gulf states. The small fire occurred in kitchen, and an official described the evacuation as a routine precautionary measure, saying guests had safely returned to their rooms. The hotel is in Iraq's highly fortified Green Zone which hosts parliament, many government buildings and foreign embassies. (Reporting by Timour Azhari and Muhammad Al Gebaly; Writing by Enas Alashray; Editing by Christopher Cushing and Gerry Doyle)

Persons: Baghdad's Al, Rasheed, Timour Azhari, Muhammad Al Gebaly, Enas Alashray, Christopher Cushing, Gerry Doyle Locations: BAGHDAD, Baghdad's, Gulf

☆ Protester killed, dozen wounded in clashes in Iraq city of Kirkuk, police say
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

BAGHDAD, Sept 2 (Reuters) - A protester was shot dead and a dozen wounded on Saturday during clashes between ethnic groups in the northern Iraqi oil city of Kirkuk that broke out after days of tensions, security forces and police said. Security officials and police in the city say they were investigating the circumstances of how a protester - a Kurd - was killed, and who opened fire. People from both protest groups were wounded as stones were thrown and metal bars used to attack, said Kirkuk police. Kurdish forces controlled Kirkuk city after driving Islamic State out in 2014 but were ejected by the Iraqi army in 2017, bringing the city back under Baghdad's control. But Arab residents and minority groups who said they suffered under Kurdish rule, such as the Turkmen, have protested the KDP's return.

Persons: Mohammed al, Sudani, Ahmed Rasheed, Rosalba O'Brien Organizations: Kurdistan Democratic Party, Security, Iraq's Shi'ite, Thomson Locations: BAGHDAD, Kirkuk, Iraq, State, Iraqi

☆ Iraq oil minister in Turkey to discuss resuming northern oil exports -sources
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

BAGHDAD, Aug 21 (Reuters) - Iraq's oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister's office told Reuters on Monday. Iraqi oil minister will meet his Turkish counterpart to discuss energy issues, on top of which is the resumption of Iraq's northern oil exports via Turkey's Ceyhan port, said an oil official. Turkey halted Iraq's 450,000 barrels per day (bpd) of exports through the northern Iraq-Turkey pipeline on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC). Turkey wants to negotiate regarding the size of damages it was ordered to pay in the arbitration ruling and also seeks clarification on other open arbitration cases. "Iraq's oil minister is in Turkey to discuss obstacles delaying the resumption of oil exports and how to resolve lingering issues," said an oil ministry official who is close to the Iraqi northern oil exports operations.

Persons: Hayan Abdel, Ghani, Ahmed Rasheed, Ahmed Elimam, Susan Fenton, David Gregorio Our Organizations: Reuters, International Chamber of Commerce, Chamber of Commerce, ICC, Kurdistan Regional Government, Thomson Locations: BAGHDAD, Turkish, Ankara, Turkey, Iraq, Paris, Iraqi Kurdistan, Baghdad, Ceyhan, Kurdistan

☆ Swedish embassy in Baghdad stormed, set alight over Quran burning plans
▼ + stars: | 2023-07-20 | by ( ) www.cnbc.com time to read: +2 min

Supporters of Iraqi Shiite cleric Moqtada al-Sadr gather for a protest outside the Swedish embassy in Baghdad on July 20, 2023. Hundreds of protesters stormed the Swedish embassy in central Baghdad early on Thursday, scaling its walls and setting it ablaze in protest against the expected burning of a Quran in Sweden. Swedish Foreign Minister Tobias Billstrom said embassy staff were safe but that Iraqi authorities had failed in their responsibility to protect the embassy in accordance with the Vienna Convention. Swedish police denied several applications earlier this year for protests that were set to include burning the Quran, citing security concerns. "Yes, yes to the Quran," protesters chanted.

Persons: Moqtada al, Sadr, Tobias Billstrom, Muqtada Sadr, STT Organizations: Swedish, Vienna Convention, TT, Telegram Locations: Swedish, Baghdad, Sweden, Vienna, Finnish, Stockholm, Iraqi

Swedish Foreign Minister Tobias Billstrom said staff at the Swedish embassy in Baghdad were safe but Iraqi authorities had failed in their responsibility to protect the embassy. Thursday's demonstration was called by supporters of Shi'ite cleric Muqtada al-Sadr to protest at the second planned Koran burning in Sweden in weeks, according to posts in a Telegram group linked to the influential cleric and other pro-Sadr media. He stood by the embassy storming on Thursday, telling a press conference the U.S. "has no right to condemn the burning of the Swedish embassy but should have condemned the burning of the Koran". "Yes, yes to the Koran," protesters chanted. Sweden has seen several Koran burnings in recent years, mostly by far-right and anti-Muslim activists.

Persons: Tobias Billstrom, Sayyed Hassan Nasrallah, Mohammed Shia Al, Billstrom, Muqtada al, Moqtada al, Read, Tayyip Erdogan, Ulf Kristersson, Timour Azhari, Anna Ringstrom, Supantha Mukherjee, Johan Ahlander, Marie, Louise Breusch Rasmussen, Ahmed Rasheed, Tom Hogue, Tom Perry, Lincoln, Bernadette Baum, William Maclean, Alison Williams, Cynthia Osterman Organizations: NATO, Sweden's Ericsson, State Department, Telegram, Turkish, Sweden's, Islam, Marie Mannes, Thomson Locations: Iraq, BAGHDAD, STOCKHOLM, Swedish, Stockholm, Baghdad, Iraqi, Sweden, Tehran, Turkey, Washington, Sadr, Copenhagen

Swedish news agency TT reported on Wednesday that Swedish police granted an application for a public meeting outside the Iraqi embassy in Stockholm on Thursday. "Yes, yes to the Koran," protesters chanted. [1/5]Protesters clash with security forces members as they gather near the Swedish embassy in Baghdad hours after the embassy was stormed and set on fire ahead of an expected Koran burning in Stockholm, in Baghdad, Iraq, July 20, 2023. Late last month, Sadr called for protests against Sweden and the expulsion of the Swedish ambassador after the Koran burning in Stockholm by an Iraqi man. Two major protests took place outside of the Swedish embassy in Baghdad in the aftermath of that Koran burning, with protesters breaching the embassy grounds on one occasion.

Persons: Muqtada Sadr, Baghdad's, Ahmed Saad, Sadr, Timour Azhari, Anna Ringstrom, Tom Hogue Organizations: Telegram, REUTERS, Sweden, United Arab, United, Thomson Locations: BAGHDAD, STOCKHOLM, Swedish, Baghdad, Sweden, Stockholm, Iraq, Iraqi, Turkey, United Arab Emirates, Jordan, Morocco, United States, Lincoln

The budget deficit is estimated at a record 64.36 trillion Iraq dinars, more than double the last budget deficit in 2021, according to a budget document and lawmakers. The budget sets the exchange rate for oil revenues in U.S. dollars at 1,300 dinars per dollar. It will remain valid through 2025, though it is subject to amendment, including to the oil price it uses given its near-total dependence on oil revenue. To break even, Iraq required an oil price of $96 bpd, it said, while the price averaged $71.3 bpd in May. Baghdad previously had no say over Kurdistan's expenditure of oil revenues, with Kurdistan unilaterally exporting crude via Turkey despite Baghdad's objections.

Persons: Mohammed Nouri, Ahmed Tabaqchali, Ahmed Rasheed, Timour, Shri Navaratnam, Robert Birsel Organizations: Media, REUTERS, London School of Economics Middle East Center, Monetary Fund, Thomson Locations: Baghdad, Iraq, REUTERS BAGHDAD, Kurdistan, Iraqi, Turkey, Erbil, Iraq's, Kurdish, Ankara

☆ Iraq says Iran blames reduced gas exports on 'technical' matter
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

An Iraqi delegation led by the electricity minister will travel to Iran next week to discuss the issue, Iraqi state media reported on Tuesday, noting gas imports had decreased by 20 million cubic meters at the time. Iraq usually imports between 50 million to 70 million cubic meters of gas, according to Iraq's electricity ministry spokesperson Ahmed Moussa. Iraq imports electricity and gas from Iran that in total makes up between a third and 40% of its power supply, especially crucial in the sweltering summer months when temperatures can top 50 degrees Celsius (122°F) and power consumption peaks. During Friday's phone call, Amirabdollahian thanked Iraq for trying to resolve the issue of financial transfers with Washington, the statement said. Iraq spends roughly $4 billion per year on imports of Iranian gas and power while at the same time burning massive quantities of natural gas as a byproduct of its hydrocarbons sector.

At least 300,000 barrels of oil equivalent per day (boepd) production was shut in last week in Alberta. Also supporting oil prices, the U.S. could start repurchasing oil for the Strategic Petroleum Reserve (SPR) after completing a congressionally mandated sale in June, Energy Secretary Jennifer Granholm told lawmakers on Thursday. Global crude supplies could also tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - plan additional output cuts. Fears of a slowdown in the global economy limited gains in oil prices. "If credit conditions ease over the coming months, allaying economic fears for the world's largest economy, oil prices could bounce back without assistance but it seems a little premature at this point," said OANDA analyst Craig Erlam.

☆ Oil prices rise as tight supplies compete with economic concerns
▼ + stars: | 2023-05-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, May 15 (Reuters) - Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in top global oil consumers the United States and China. Still, global crude supplies could tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - is making additional output cuts that are reducing sour crude volumes. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting on June 4, said its oil minister, Hayan Abdel-Ghani. Meanwhile, flows of northern Iraqi crude oil to Turkey's Ceyhan port have yet to resume following Baghdad's request to restart them last week, industry sources said on Monday, helping keep global supplies tight. The tightening of sanctions will also seek to undermine Russia's future energy production and curb trade that supports the Russian military, the people said.

[1/5] Iraqi residents walk along Mutanabbi Street in Baghdad, Iraq, May 14, 2023. "This push to develop the capital Baghdad is the most extensive undertaking of its kind," he told Reuters in an interview. 'BAGHDAD COMING BACK'Iraqi-Canadian artist Iyad Al-Mosawi fled Baghdad as a child amid war with Iran in the 80s and did not return until 2019. "I find that Baghdad is coming back," Mosawi said, noting he had attended eight exhibition openings in just two weeks. Reporting by Timour Azhari and Amina Ismail in Baghdad; Writing by Timour Azhari; Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

Iraq, OPEC's second largest oil producer, exports the bulk of its oil through its southern Gulf port of Basra. An Iraqi oil ministry official with knowledge of the meeting said the aim was to reassure the companies that their deals with the Kurdistan Regional Government (KRG) were secure. Baghdad and the KRG signed a temporary agreement on Tuesday to restart northern oil exports as part of efforts to end decades of political and economic disputes. Petraco confirmed its presence at talks in Baghdad and said it was currently awaiting further developments. Further complicating the picture, Kurdistan has borrowed billions of dollars from trading houses and oil producers, including to build a new pipeline to Turkey, pledging to repay debts from future oil exports.

LONDON/BAGHDAD, April 1 (Reuters) - Iraq's federal government and the Kurdistan Regional Government (KRG) are close to striking a deal aimed at resuming northern oil exports, four sources familiar with the discussions told Reuters on Saturday. Revenues will be deposited in an account managed by the MNR and supervised by Baghdad, the KRG official said. Iraq's oil ministry spokesman could not immediately be reached outside regular business hours. Baghdad and the KRG have agreed to continue meetings following the resumption of oil exports to find solutions to other lingering problems. "[These include] the contracts of the foreign companies operating in Kurdistan and the Kurdish debts," the senior Iraqi oil official said.

REUTERS/Umit BektasMarch 31 (Reuters) - An international arbitration ruling on March 23 prompted the shutdown of Iraq's northern crude oil exports through Turkey and sent oil prices back towards $80 a barrel. Iraq's federal government says its state-owned marketed SOMO is the only party authorised to manage crude exports through Ceyhan. Turkey was also asked to pay 50% of the discount at which KRG oil was sold, three sources said. According to a Turkish source, Iraq's initial demand was for about $33 billion. This comprised 370,000 bpd of KRG crude and 75,000 bpd of federal crude, a source familiar with pipeline operations said.

LONDON, March 30 (Reuters) - A suspension of Kurdistan's oil exports has halted repayments via crude cargoes of $6 billion owed to energy traders including Vitol and Petraco by the semi-autonomous Iraqi region, trading sources told Reuters. The suspension means Kurdistan cannot repay debts with crude oil supplies and alternative schemes have not been put in place. "Let's work out a breakthrough to the oil exports issue and then other issues could be addressed under less pressure," he said. An Iraqi oil ministry legal adviser familiar with the discussions with Kurdistan said Baghdad wants to run oil exports via its state marketing firm SOMO and wants oil sales revenues to be deposited in an independent bank account. Another Iraqi oil ministry official said no progress has been yet made on the debt issue.

☆ Oil gains for 3rd day on Kurdish supply concern, easing banking fears
▼ + stars: | 2023-03-29 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Crude exports of 450,000 barrels per day (bpd) from Iraq's semi-autonomous northern Kurdistan region were halted on Saturday following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil. "The longer the stoppage continues, the tighter the supply outlook will become," said Stephen Brennock of oil broker PVM. On Wednesday, Norwegian oil firm DNO said it had begun shutting down production at its fields in Kurdistan. We can see that risk sentiment has recovered to some extent, which pushed (the) global stock markets and crude oil rebound," said CMC Markets analyst Leon Li. Attention will focus on official U.S. inventory data from the Energy Information Administration at 1430 GMT to see if it confirms the crude stock decline.

☆ Oil gains for 3rd day on Kurdish supply concerns, easing banking fears
▼ + stars: | 2023-03-29 | by ( ) www.cnbc.com time to read: +2 min

Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, United States on November 27, 2022. Brent crude futures rose 42 cents, or 0.5%, to $79.07 a barrel at 0046 GMT. A drawdown in U.S. crude oil inventories last week also lent support. U.S. crude oil inventories fell by about 6.1 million barrels in the week ended March 24, according to market sources citing American Petroleum Institute figures on Tuesday. Analysts had expected U.S. crude oil stockpiles to have risen last week, while distillate and gasoline inventories were seen down.

March 28 - Crude prices moved in a narrow range in early Asian trade on Tuesday after rallying in the previous session, with oil markets focused on developments in the banking crisis as well as on supply concerns and indications of strengthening demand. Brent crude futures fell 2 cents to $78.10 a barrel at 0018 GMT. Prices rose in the previous session after Turkey stopped pumping crude from Kurdistan via a pipeline following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil. Oil prices also drew support from indications of strong Chinese demand. U.S. crude oil stockpiles were seen rising about 200,000 barrels last week, a preliminary Reuters poll showed on Monday.

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