Russia is ready to begin negotiations with Iraq on canceling a significant amount of its multibillion dollar debt, a senior Russian diplomat said Saturday. "We ... are prepared to have the debt significantly reduced and also to reach agreements on the repayment of the remaining part of the debt," Deputy Foreign Minister Yuri Fedotov was quoted as telling the Interfax news agency. President Vladimir Putin said last year that Russia in principle would be willing to write off more than half of Iraq's US$8 billion (¤6 billion) debt to Moscow through the Paris Club of creditor nations, an informal group of creditor governments from major industrialized countries. Fedotov said negotiations haven't yet begun. "But we are willing to talk either with the existing Iraqi government or with the one to come to power via elections, which we hope will take place on time in January next year," Fedotov was quoted as saying.
