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The Economic Times
The Economic Times
National

Explained: How the US controls Iraq's oil revenues

DUBAI: US forces are set to withdraw on Wednesday from their last bases in Iraq, a departure celebrated as a victory by Iran and its allies, which ​have deep influence in the country where 4,500 Americans died during more than two decades of war.

Still, since its 2003 invasion of Iraq, the US has held effective control of the country's oil revenue dollars, giving Washington extraordinary leverage over Baghdad's affairs, with implications for regional dynamics involving Iran.

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