Iraq's Kurdistan oil revenues to be transferred to account under federal government supervision

Oil revenues from Iraq's semi-autonomous Kurdistan region will be transferred to a bank account under federal government supervision for the first time since 2002, state news agency INA reported on Thursday, citing the prime minister's media adviser.

The move could lead to a break-through on the long-running dispute on oil revenue-sharing between Iraq's national government and Kurdistan.

Iraqi prime minister Mohammed Shia al-Sudani’s government approved on Monday a draft budget that will cover Iraq for three years.

Sudani also pushed through a transfer of 400 billion Iraqi dinars ($308 million) to the Kurdish government, about two months after the Federal Supreme Court ruled that orders from the Baghdad government to transfer money to the Kurdistan Regional Government (KRG) to pay salaries in 2021 and 2022 were illegal because they broke Iraq's budget law. 

(Reuters)