Iraq will boost its trade and oil contracts with Russia in return for Moscow’s support in the UN Security Council, Iraq’s deputy oil minister said Friday.
“Owing to Russia’s positive role in foiling the 'smart' sanctions proposal, Russian companies will be awarded contracts in the future in Iraq’s oil, industrial and trade sectors," Deputy Oil Minister Faiz Shaheen was quoted as saying by the Gulf Daily News.
Russia threatened to use its veto early this month when the Security Council was considering a plan to overhaul the UN trade embargo on Iraq the so-called "smart" sanctions proposal.
Finally, US and British diplomats dropped the plan and the council renewed the standard UN oil-for-food program, as Iraq wanted, on July 3.
The "smart" sanctions would lift most of the restrictions on trade with Iraq imposed after its 1990 invasion of Kuwait.
“Iraq will work to support the Russian economy in order to strengthen Russia’s position against American and Western economic pressure,” Shaheen said.
“We have dealings with Russian oil companies under the oil-for-food program, and we expect them to increase vastly in the near future,” he added.
The program allows Iraq to sell oil on the condition that the proceeds are spent on food, medicine and other essential goods – Albawaba.com
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