Iraq's Odious Debts

Russia slashes $9 billion from Iraq debt

United Press International
Washington Times
November 29, 2004

Moscow: Russia will slash at least $9.5 billion of Iraq’s debt to Moscow, Interfax news agency reported Monday.

Iraq’s debt to Russia will be reduced to between $700 million and $1 billion after rescheduling and writing off, Russian Finance Minister Alexei Kudrin told a press conference, Interfax reported.

Kudrin said the Iraqi debt initially amounted to approximately $10.5 billion.

“They will still owe us from $700 million to $1 billion, but that debt will be rescheduled,” Kudrin said. He said Iraq had not serviced the debt to Russia since the early 1990s, and the countries had not had any contacts since 1994.

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