Russia Writes Off Iraq’s Debt In Return For Greater Access To Oil

(RTTNews) – Russia signed an agreement with Iraq to write off the lion’s share of 13 billion dollarsIraq owed to them in debt. Iraqi foreign minister Hoshiar Al Zibari, who is on a state visit to Russia, in turn, assured renewed opportunities for Moscow’s participation in the country’s lucrative oil sector.

As per the agreement signed by officials of both the countries in Moscow on Monday, Russia will write off 93 per cent or 12.9 billion dollars of Iraq’s debt to Moscow, Interfax news agency reported, quoting Russian finance minister Alexei Kudrin.


Addressing a press conference after his meeting with Zibari, Lavrov said the Russian companies would actively participate in Iraq’s reconstruction, emphasizing the need to solve two political issues, “to achieve national reconciliation and security.”

Russia is expected to benefit considerably by this agreement, Kudrin said, as “its companies in Iraq have the scope to invest up to 4 billion dollars.” Lavrov said Russia is committed to help Iraq in its post-war reconstruction, placing special emphasis on the two countries’ traditional area of cooperation, the energy sector.

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