Iraq agrees to open a new account to pay out its debts to Iran

By Trend

Iran's new agreement with Iraq is to be implemented in the coming days, and the new euro bank account will be set up to pay out Iraq's debts to Iran, said Iran's Minister of Energy Reza Ardakanian, Trend reports via IRNA.

Ardakanian said the debts are related to Iraq's debts for gas and electricity imports, for National Iranian Gas Company and Power Generation, Distribution, and Transmission Company (Tavanir).

"Iraq's previous and recent debts to Iran would be stored in this account in euros," said Ardakanian.

He said that Iran will be able to use the mentioned in the account to purchase necessary goods, including medicine.

"Iraq could also pay its debt to Iranian private sector companies via this account," he said.

Ardakanian pointed out that part of Iraq's debt to Iran, which is around $700 million, has already been obtained.