Iraq's Central Bank sets demands to gov't on ties with Russia

The Central Bank of Iraq has demanded that the government not sign a new agreement with Russia on cooperation in the financial sector and end existing cooperation, Report informs via foreign media.

A letter from the regulator to the Secretariat of the Prime Minister of Iraq states that the US Treasury Department has imposed sanctions on Russian financial and economic institutions due to the situation in Ukraine.

"We demand the termination of any financial agreement with Russia to protect Iraq's financial system," the bank said.

The Iraqi government has not yet commented on the appeal.

Russian companies have invested heavily in Iraq's oil sector.