The Trade Bank of Iraq (TBI) has issued a statement denying a report in a British newspaper that it had received cash or letters of credit (L/Cs) from Syria for fuel supplies from Iraq.

The statement issued by TBI's chairwoman Hamdiyah Al Jaff follows an article that recently appeared in the Financial Times.

Statement

"The Trade Bank of Iraq has not conducted such transaction(s)," Al Jaff said in an emailed statement to media and news agencies.

The Financial Times recently reported that the Iraqi government was sending fuel to Syria in monthly shipments in transactions supported by the TBI.

Sanctions compliant

The newspaper said that the TBI was not in breach of US or EU sanctions, which the Iraqi bank established in 2003 largely to provide L/Cs to promote trade flows in post-Saddam Iraq appears keen to stress.

"The bank is committed to operate in accordance with international laws and regulations," the statement from TBI said.

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