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Sanctions on Iraq Cause 200 Billion Dollars in Losses Worldwide
Countries worldwide have suffered losses of more than 200 billion U.S. dollars due to the decade-old United Nations sanctions on Iraq, Iraqi Trade Minister Mohammad Mehdi Salah said in a statement on Thursday.
Russia, the largest trade partner of Iraq suffered the heaviest losses with nearly 40 billion dollars, while France lost 35 billion dollars; Turkey, 30 billion dollars; China and Britain each lost 25 billion dollars, 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 neighboring Kuwait in 1990.
But Iraq is allowed to sell oil in return for U.N.-monitored imports of food, medicine and other basic necessities under the U. N. oil-for-food program launched in 1996.
Iraq claims that it has lost some 150 billion dollars due to the sanctions.
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