03/28/2008 02:45 am ET | Updated May 25, 2011

Russia Forgives $12 Billion Iraq Debt: Reports

Russia on Monday forgave nearly all the 12.9-billion-dollar debt owed it by Iraq and voiced hopes of increased Russian investment in the war-torn country, news agencies quoted Finance Minister Alexei Kudrin as saying.

The amount forgiven -- 12 billion dollars (8.2 billion euros) -- came to 93 percent of the mainly Soviet-era debt owed by Baghdad to Moscow, Interfax news agency reported.

The debt is being written off in stages, with the process probably completed next year, Kudrin was quoted as saying by Interfax.

Read more on AFP