Obviously, Russia is keen to safeguard its economic interests. Russia is Iraq's largest supplier in the UN oil-for-food program. Of the $18.3 billion in oil-for-food contracts approved by the Security Council since the program began in late 1996, some $4.2 billion has gone to Russia.
Iraq possesses the world’s second-largest proven oil reserves, currently estimated at 112.5 billion barrels, or 11 percent of the world's total. It is seen as the ultimate bounty by Russia's oil firms. Baghdad offered Russian oil companies billions of dollars in concessions during the 1990s as it sought to build support in the United Nations.
|Share |||By Randall Parker at 2002 October 10 11:26 AM|