Trade income between Russia, Iraq improves in 2022
Date
11/6/2022 3:01:20 AM
(MENAFN) Trade income between Russia and Iraq between January and August 2022 reaches USD313.1 million, above total of USD282.7 million in 2021, a financial adviser at the Russian embassy in Baghdad, Ilya Lobov, has announced, in an interview with RIA Novosti televised on Saturday.
“If we compare this to the year before last year, then we recorded a two-and-a-half-times increase. The positive dynamic was influenced by a significant increase in the volume of purchases of our sunflower oil, wheat flour and animal feed,” Lobov also clarified.
As said by the diplomat, both nations are carrying on close collaboration through the Russian-Iraqi Business Council and are searching for new chances.
However, Lobov commented that 2022’s Western restrictions on Russia have caused challenges.
“We note that the anti-Russian sanctions have become an additional negative factor on the path to strengthening bilateral [trade] cooperation. For example, financial settlements in international banks, especially in US dollars, have become more difficult. At the same time, our Iraqi partners understand the benefits and prospects of working together. There is an ongoing close dialogue to develop mutually acceptable solutions to solve all problems that arise,” the financial adviser added.
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