16 July 2001 Using its oil as both weapon and bribe, Iraq — thanks to Russia and some of its Arab neighbors — has thwarted US attempts to revamp the 11-year-old UN sanctions regime, and end Baghdad’s control over oil smuggling. For Washington, which launched the initiative in February as a cornerstone of its Mideast foreign policy, it’s back to the drawing board. A Russian “nyet” to the Anglo-American ideas…
Tag: pricing formula
Euro Fan
20 October 2000 Baghdad’s politically motivated bid to replace the US dollar with the beleaguered euro as its currency for international transactions – including oil sales – could become reality. There is a precedent: Libya has been receiving oil payments in currencies other than the dollar for some time, and in euros occasionally, since the start of this year. Provided the Iraqi oil pricing formula is calculated in dollars –…