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

Russia's invasion of Ukraine has caused shortages of food in Iraq and forced the government to pay more in gasoline subsidies, but the high price of crude oil plus sanctions on Russia has opened new opportunities for Iraq.
Iraq oil

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.

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