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Iraq Revives Russia Oil Hope, Gets Debt Cut Pledge source: Reuters | Dec 22, 03 | submitted by Rik Logtenberg

Moscow - Russia offered to write off 65 percent of Iraq's $8 billion debt after Baghdad signaled that Moscow was in a good position to revive prewar oil contracts.

A member of Iraqi Governing Council, Samir Sumaidy, said Russia made the proposal at a meeting between President Vladimir Putin and the head of the U.S.-backed Iraqi Governing Council Abdul Aziz al-Hakim at the Kremlin.

"Putin has made an offer of Russia exempting Iraq from 65 percent of their debts. That is a decision made by Russia to be confirmed within the Paris Club," Sumaidy told reporters after attending a meeting at the Kremlin.

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