Worldwide loss of more than $ 200 bn due to sanctions on Iraq

Mar 02, 2001 01:00 AM

Countries worldwide have suffered losses of more than $ 200 bn due to the decade-old United Nations sanctions on Iraq, Iraqi Trade Minister Mohammad Mehdi Salah said. Russia, the largest trade partner of Iraq suffered the heaviest losses with nearly $ 40 bn, while France lost $ 35 bn; Turkey, $ 30 bn; China and Britain each lost $ 25 bn, Salah said.
Salah stressed that the United States, who opposed to lifting the sanctions, also sustained huge losses because of the continuation of the sanctions. Iraq has been under stringent economic sanctions ever since its invasion of neighbouring Kuwait in 1990.

But Iraq is allowed to sell oil in return for UN-monitored imports of food, medicine and other basic necessities under the UN oil-for-food program launched in 1996. Iraq claims that it has lost some $ 150 bn due to the sanctions.

Source: Mirror
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