Since the 2003 illegal invasion, Iraq’s oil revenues were placed into the Development Fund for Iraq (DFI), held at the Federal Reserve Bank of New York.
For years, Washington sent Baghdad pallets of cash on cargo flights derived from the oil sales.
To this day, custody of oil revenues at the New York Fed remains in place today as an account of the Central Bank of Iraq and gives Washington the ability to essentially control Iraqi politics and the economy.
Just in the last week, the US has threatened to stop Iraq from receiving its oil revenues if parties it considers ‘pro-Iran’ are included in the new Iraqi government, despite the fact the formation of a new government is based on a democratic election which took place in November 2025.
When the US claimed it would bring ‘democracy’ to Iraq, it was code word for total domination and disaster capitalism.
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