Al-Sudani: We have payment dues for Russia and we hope to agree on payment methods

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Al-Sudani: We have payment dues for Russia and we hope to agree on payment methods

Iraqi Prime Minister Muhammed Shiaa Al-Sudani confirmed his country’s commitment to paying Russian dues to Iraq as part of the Paris Club debt. He expressed hope that an agreement would be reached between the two countries to pay the dues.

During an interview with the “Sputnik” agency on Monday, Al-Sudani stated that Iraq has outstanding payment obligations to Russia under the Paris Club debt and that Iraq is committed to paying them. He mentioned that it is crucial for Iraq to pay these dues on time to maintain its credit rating and avoid any potential negative impact. Al-Sudani also noted that Iraq can seek an exception to the payment terms if necessary.

He said, “Russia has investments in oil and military contracts. We hope to agree on appropriate formulas to pay its dues in the future.”

During his visit to Baghdad in February, Iraqi Foreign Minister Fuad Hussein discussed Russian debts to Iraq with Russian Foreign Minister Sergei Lavrov.

During a joint press conference in Baghdad, Hussein stated that there exist strong historical ties between Russia and Iraq, encompassing military, security, and economic areas. He highlighted the potential for Russian oil companies to invest in the oil and gas sector, explicitly naming Lukoil as a potential partner.

He explained that these companies have receivables from Iraq; the challenge was dealing with them under Russian sanctions and protecting Iraqi banks.

The Iraqi minister indicated that the Iraqi-Russian joint committee, which met a year ago, will meet this year in Baghdad to discuss the work of Russian companies and their payments to Iraq.