2002 September 23 Monday
Russia fears Iraqi regime change will lower oil prices

There is frequently a big gap between the stated and actual reasons governments oppose the actions of other governments. Well, in the case of Russia's objection to regime change in Iraq the actual reason for Russia's position is all about the Benjamins. From the Janes site:

However, what the Kremlin fears most is the ousting of Saddam Hussein and his replacement with a US-backed puppet regime. Should such an administration be installed in Baghdad, there is likely to be a marked fall in oil prices as US oil companies are free once again to invest in Iraq's ageing and under-funded industry. While lower oil prices will be welcomed by the US, Russia will be facing difficult economic prospects. From Moscow's perspective, a protracted diplomatic wrangle and restricted Iraqi oil output would be best.

As Tony Blair tries to get a UN Resolution to support action against Iraq in order to appease the left wing of the British Labour Party keep in mind that Russia has veto power in the UN Security Council.

Share |      By Randall Parker at 2002 September 23 06:10 PM  Politics Money


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