SNSUC re-export red lines list Iran as the only origin under automatic rejection (DENY); Iraq has been explicitly exempt since 2026-10-02 and is not on the auto-reject list. That clears the SOMO April spot quota (MBMM32664) to move through SNSUC's named-buyer path, while any cargo whose origin field lands on Iran is blocked outright.

The reading that Urals escapes the G7 price cap does not apply. Any Russian crude handled must pass the $60/bbl cap with three matched documents — bill of lading, invoice and payment evidence must agree on value and stay within the threshold, or the system holds the cargo. This is a front-line gate against sanction evasion, not an after-the-fact review.

Execution note: lock the discharge port to an STS anchorage (Oman Sohar / UAE Fujairah) before opening the letter of credit. Per the SOMO contract template, name the Central Bank of Iraq (CBIRQAXXX) as beneficiary, with irrevocable payment into CBIRQBA IRAQ OIL PROCEEDS at the Federal Reserve Bank of New York. Origin, documents and payment path must align before release.