Russian President Vladimir Putin had been banking on Iraqi Kurdistan President Massoud Barzani. Over the past year, Russia has invested over $4 billion in the Kurdistan Region’s energy sector, overtaking the United States as the largest investor. By making such a commitment to northern Iraq, Putin was likely counting on both an eventual energy windfall and another card to play as a regional broker at the expense of the United States. He could count on good, or at least working, relationships with Damascus, Tehran, Ankara, to some extent Baghdad and, with the massive oil and gas venture, Erbil.
What the Russian president had not banked on was that Barzani would go ahead with the independence referendum on Sept. 25 against widespread international and regional opposition. The Kremlin, of course, could not support ethnic separatism, and was probably hoping for a last-minute deal with Baghdad to stave off the vote. As the prospects of a postponement collapsed, Barzani likely saw Russia’s investment as a hedge against the nearly unified international opposition to its referendum on independence.
