Trade Bank Of Iraq Denies Payments To Syria For Fuel

Trade Bank of Iraq denied a report it had received cash or letters of credit from Syria for fuel supplies from Iraq, according to Chairwoman Hamdiyah Al-Jaff.

“The Trade Bank of Iraq has not conducted such transaction(s),” she said in an e-mailed statement today.

The Financial Times reported yesterday that the Iraqi government was sending fuel to Syria in monthly shipments through the Trade Bank of Iraq. The shipments didn’t violate U.S. and European Union sanctions, the newspaper said, citing commercial documents.

Baghdad-based Trade Bank was formed in 2003 as an independent state-owned lender with paid capital of $100 million that has since increased to $850 million from retained profit, according to the statement. “The bank is committed to operate in accordance with international laws and regulations,” Trade Bank said in the release.

Bloomberg