Iraq has created a loophole similar to INSTEX that will allow Baghdad to continue to buy electricity & gas from Iran. Iran will get an Iraqi dinar bank account that it can only use to buy medicine and food. By
I'd bet the new Iraq SPV gets more actual usage, since it allows Iran to accumulate dinars inside Iraq - though they can't be withdrawn, I suspect they'll be used to pay for monetary substitutes that will in turn be sent/traded to Dubai and Turkey. 2/2