The head of the Central Bank of the Islamic Republic, in a meeting with his Iraqi counterpart, emphasized the need to speed up the removal of banking obstacles, settle outstanding claims, and gain access to this government’s foreign-currency resources in Iraq.

Abdolnasser Hemmati said last month that the Islamic Republic has $10 to $11 billion in energy resources and receivables in Iraq, of which about $7 billion is held by the Central Bank of Iraq and more than $3 billion is in unpaid receivables owed to the Islamic Republic’s Ministry of Oil.

Some of this money was previously used to purchase essential goods, but transfer restrictions arising from sanctions have limited access to the remainder.

Iraq deposits payments for imported gas and electricity from the Islamic Republic into its restricted accounts, because U.S. sanctions limit the direct transfer of dollars and euros to Iranian entities.