Many Turkish businessmen are facing huge losses as their products are systematically banned in Iraq, while sanctions-hit Iran pursues its own business interests in the country.
Baghdad has become the centre of a tug of war between Washington and Tehran, but it's trying its best to maintain a balance between the two rivals while pursuing its own interests.
Donald Trump's chief foreign policy advisor made an unannounced trip to Baghdad which sees both its neighbour Iran and the US as key allies.
Iran's President Hassan Rouhani was defending his administration before parliament after recent tensions with the US. A majority of lawmakers were not satisfied with his explanations and have referred his handling of the economy to judicial review.
The latest US sanctions against Iran are forcing many Iranian businesses in the United Arab Emirates, which has recently become a trade hub of Iranian goods, to move to other countries like Turkey and Qatar.
Federation of Money Changers of Herat estimates $2 to $3M cross the porous western Afghan borders into Iran daily. US sanctions have made Tehran desperate for dollars and neighbouring Afghanistan's dollarised economy is an obvious source.
Reza Zarrab, the US government's key witness in the trial of Turkish banker Mehmet Hakan Atilla, once said it's necessary in America to admit to crimes that never occurred to get out of prison, defence lawyers wrote in a letter to the trial judge.
Zarrab has agreed to cooperate with US prosecutors as a witness against Turkish bank executive Mehmet Hakan Atilla, the deputy general manager of Halkbank.
Trump administration targets 18 Iranian individuals and groups for aiding Iran's non-nuclear weapons effort or elite guards in a show of staying tough on Tehran.
French and Chinese investments since the easing of international sanctions last year means that Iran is now forecast to overtake Qatari gas exports by 2021.
Halbank denies any wrongdoing in its foreign trade transactions after Mehmet Hakan Atilla was arrested last month on charges of conspiring to evade US sanctions on Iran.
The US accuses Halkbank Deputy Chief Executive Mehmet Hakan Atilla of helping gold trader Reza Zarrab to violate US sanctions against Iran.
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