Iran And Iraq Sidestep U.S. Sanctions With New Oil-For-Gas Deal

The governments of Iran and Iraq have agreed on a gas supply deal that will see Iraq receive more gas from its neighbor for power generation. The deal also settles a dispute over payments for earlier shipments of natural gas from Iran to Iraq, Bloomberg reported. Because of this dispute, Iran has cut gas flows to neighboring Iraq, prompting power shortages.

Now that the payments due have been settled, the shortages may be over. Gas payment settlement cannot be done the usual way, with the payment being transferred from one bank to another…