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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: sciAticA errAticA who wrote (32306)	4/24/2003 12:09:34 PM
From: sciAticA errAticA	Read Replies (1) of 74559

Moscow to defy US 24.04.2003 [10:59] THE US's diplomatic rift with Russia widened yesterday as Moscow insisted sanctions against Iraq stay in force until UN inspectors declared the country free of weapons of mass destruction. At the same time, Richard Perle, a leading adviser to the Pentagon, told a Russian newspaper the country's multi-billion-dollar oil deals with Iraq would probably be annulled. Russia has an estimated $US52 billion ($85 billion) tied up in deals with Iraq under the sanctions regime and is owed at least $US8 billion. Moscow has rejected suggestions from the Bush administration it should write off the money owed in a show of goodwill to the Iraqi people. The US is keen to end sanctions against Iraq to kickstart the country's economy, but has faced opposition from the anti-war grouping of France, Russia and Germany, who fear the immediate lifting of sanctions could legitimise the war and lose them valuable contracts. Washington has made it clear any deals made with the former Saddam Hussein regime will not continue. Mr Perle reaffirmed that view in an interview in Kommersant yesterday. "It is highly likely that all previous deals with Russia will be declared null and void," he said. Russia had made a mistake by joining forces with France and Germany, he said. "The Russian Government backed a loser. This will undoubtedly seriously damage Russian interests." The failure of coalition forces to uncover chemical or biological weapons in Iraq has been seized on by Russia as evidence the war against Iraq was unwarranted. An unnamed official in the Russian Foreign Ministry told the Tass news agency the weapons inspectors should be allowed back in to Iraq to finish their work. "This could be done within a couple of weeks as it is obvious that there are no such weapons there." Robin Shepherd in Moscow/The Times www1.iraqwar.ru

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