"The decision to suspend oil export will lose the Kurdistan Region $850 million monthly," a source in the Ministry of Finance said.

Al-Sharq Al-Awsat newspaper reported that: "The Kurdistan Regional Government (KRG) has lost about $850 million since the suspension of oil exports, and if the situation continues like this, there is a fear that the Kurdistan Region will face bankruptcy," a source in the Ministry of Finance of the Kurdistan region said.

"The decision to suspend oil exports has had a negative impact on the economic situation in the region, so far no time has been set for the resumption of oil exports," the source told the newspaper.

"The Kurdistan Region is facing problems in paying the financial entitlements of oil companies that have been investing in the oil fields of the region for several years and now their work has been suspended," it said.

"On the level of services, the Ministry of Electricity said that due to the suspension of oil exports, the average energy production in Garmian and Khurmala plants has decreased by 330 megawatts.