MOSCOW -- It is a commonplace to say the war in Iraq was not only about former Iraqi leader Saddam Hussein but also about oil. No matter how dangerous Hussein's regime was and how badly the White House needed an impressive victory for the 2004 elections, oil -- as today's key commodity -- was very much on U.S. President George W. Bush's mind when he commanded the attack on Iraq. Yet, for some countries, oil is practically the only part of the Iraqi equation they are interested in; Russia is a good example.
In 2002, Russia's economy grew by 4 percent. This was much trumpeted by President Vladimir Putin and the media, but growth is mainly being fueled by increased oil and gas exports. Blessed with an abundance of "black and blue gold" -- as oil and gas are known among Russian journalists -- the nation can endure practically any kind of economic mismanagement.
Oil exports are paying Russia's bills -- from retired people's pensions to Putin's new opulent residences, and from modern tanks to St. Petersburg's 300th anniversary festivities. However, the war in Iraq may change all that.