Russian invasion of Ukraine has sharp impact on Iraq’s economy

Russian invasion of Ukraine has sharp impact on Iraq’s economy

Like many other countries, Iraq was affected by Russia’s invasion of Ukraine due to its dependence on the warring countries' agricultural products. Iraq participated in a four-way summit last week in Aqaba, Jordan, to discuss food security challenges and alternatives.

In the meantime, Iraq's oil market is booming after several oil-importing countries cut off Russian supplies.

Iraq received oil purchase requests from European countries on March 3 in the wake of the European and US sanctions on the Russian economy. This enables Iraq to enhance its presence in the European market, which it began losing to Russia years ago.