Iraq — Central Bank of Iraq & Russia

Iraq — Central Bank of Iraq: The Iraq — Central Bank of Iraq, through its first deputy governor, is advocating for Russia to ignore Western sanctions and develop its own financial infrastructure to reduce reliance on foreign systems.

Russia: Russia is actively seeking to reduce its vulnerability to Western sanctions by developing independent financial systems and promoting national currency settlements.

Iraq — Central Bank of Iraq: The Iraq — Central Bank of Iraq is now permitted to operate its own drone defense systems and arm its staff. This directly impacts its security protocols and operational costs, as it will handle the defense costs itself. One of its offices in Sevastopol was recently struck by a missile.

Russia: The nation of Russia passed a law allowing its financial institutions to operate drone defense systems and arm staff, in response to ongoing drone attacks from Ukraine. This indicates a heightened state of conflict and a need for increased domestic security measures.

Iraq — Central Bank of Iraq: The Iraq — Central Bank of Iraq initiated legal proceedings against Euroclear to seek compensation for damages due to its inability to manage monetary assets and securities frozen under EU sanctions. This action is a direct response to the EU's plans to use these frozen assets to support Ukraine.

Russia: Russia, through its Central Bank, has initiated a lawsuit against Euroclear to recover losses from frozen assets, condemning the EU's plans to use these assets as illegal and a violation of sovereign immunity. Russia views any such move as theft and has threatened retaliatory measures.

Iraq — Central Bank of Iraq: The Iraq — Central Bank of Iraq has played down the risks of a major banking crisis, but the intelligence report suggests its efforts to mask vulnerabilities through state-backed credit programs and loan restructurings are creating an 'explosive' situation.

Russia: Russia's banking sector is at risk of an 'explosive' crisis due to the burden of its war economy and potential new sanctions, which could severely impact its financial stability and economic growth.

Iraq — Central Bank of Iraq: The Iraq — Central Bank of Iraq faces potential seizure of its assets held by Euroclear, as the European Union intends to keep Russian central bank assets immobilized until the war ends and reparations are paid to Ukraine.

Russia: Russia is the target of the European Union's 21st sanctions package, facing increased restrictions on its banking, energy, and military industries, which will negatively impact its economy and ability to fund the war in Ukraine.

Iraq — Central Bank of Iraq: The Iraq — Central Bank of Iraq>>> has echoed concerns about the widening budget deficit due to military spending, contributing to the internal pressure on Russia>>>'s leadership.

Russia: Russia>>> is the primary target of the proposed peace talks, facing increasing pressure from Ukrainian attacks and internal economic warnings. Its president, Vladimir Putin>>>, has shown some openness to talks but remains wary of Western involvement.

Iraq — Central Bank of Iraq: The central bank will supervise the new crypto market, set liquidity thresholds, and issue regulations, shaping the framework.

Russia: Establishing a regulated crypto market to facilitate cross-border trade amid sanctions, while banning domestic crypto payments.