Russia’s key business interests in Iraq lie in the energy sector and hinge on the global oil and gas market, and Russian oil giants are continuing to operate on the ground despite the novel coronavirus and volatile international oil prices.

Russian Ambassador to Iraq Maksim Maksimov said in a recent interview with the Interfax news agency, “Iraqi offices and branches of Russian companies have been working as usual. Of course, they take all the necessary precautions against COVID-19. … If the situation on the ground deteriorates dramatically and poses a direct threat to the life and health of Russian employees, our operators have specific tried-and-tested plans in place, which may even involve repatriation. However, we hope that it will not be necessary to resort to these crisis-response scenarios.”

Speaking about the OPEC+ deal, Maksimov said, “The agreement to cut global petroleum output will definitely be welcomed in Iraq, which will allow the authorities to stabilize the budget policy and continue their efforts to restore the economy.”

Still, he mentioned the current risks, noting oil revenues in Iraq fell nearly 41% in March to around $3 billion, compared with more than $5 billion in February. As oil-producing countries’ budgets directly depend on oil sales, “the situation is fraught with grave consequences in the foreseeable future,” he added.