How the US controls Iraqi oil revenue: When an oil delivery is made to a buyer, the money is transferred from the buyer’s account to the Iraqi account of the DFI in the Federal Reserve Bank of New York When the Iraqi's want THEIR money,the Iraqi Finance Ministry sends an invoice to the U.S. Treasury specifying how much and how that money will be spent in Iraq. U.S. Treasury officials can either approve or reject this request. When the Treasury approves the request, a shipment of US dollar bills is then transferred by plane to Baghdad. This happens each month. Note payment in cash.