Duma Deputy Alexander Shokhin has cautioned the Kremlin to consider the economic consequences for Russia before pushing for a lifting of the economic sanctions against Iraq, reported the Interfax news agency.
Shokhin rejected arguments claiming that a lifting of the UN-imposed sanctions would provide Russia with the possibility of recouping receiving monies owned by Iraq, not to mention profits derived from participating in new projects in Iraqi oil industry. A more likely scenario, the Duma deputy stated, is that increased Iraqi oil exports will create a glut of crude oil on the market, and the resulting fall I the oil price will be to the Russian economy’s detriment.
Shokhin denied that he is in favor of tightening the sanctions against Iraq; rather that he recommends that are not lifted at this period in time. – (Albawaba-MEBG)