Russia is not planning any assistance to Iraq at this stage, but Russian companies are ready to invest in Iraq, Deputy Foreign Minister Yuri Fedotov said on Tuesday.

"We see no conditions at the moment for Russia's involvement in the rebuilding of Iraq as a donor," said Fedotov, who will head Russia's delegation to the Madrid Conference on the Reconstruction of Iraq, scheduled for Oct. 23-24.

"Many Russian companies are ready now to invest in the Iraqi economy and implement their projects in the country at their own expense," he noted, adding that the investments would total "several billion US dollars."

"Such investment projects can prove quite useful and should be regarded as Russia's significant contributions to the restoration of Iraq," Fedotov was quoted by the Interfax as saying.

At the Madrid conference, the Russian delegation would push for fulfilling the contracts signed by Russian companies under the United Nations' Oil for Food program, Fedotov said.

About 75 percent of the contracts have already won preliminary approval, but other contracts, such as construction of power plants, water purification facilities and elevators, are also crucial to meeting the fundamental needs of the Iraqis, he said.

Such contracts could be financed either by the existing Iraq Development Fund or a new Iraq rebuilding fund to be set up at the Madrid conference, Fedotov said.

Russia opposed the US-led war in Iraq, but has made efforts to patch relations with the United States, which have been cooled over Iraq, after major combat operations ended in Iraq.

Last week, Russia backed a new US-proposed UN resolution, which authorizes a multinational force in Iraq and paves the way for other countries to contribute troops and money to peace-keeping and reconstruction efforts in Iraq.

(Xinhua News Agency October 22, 2003)