Russia loses $4 billion in Libya because of Gaddafi

Russia has lost $4 billion due to the loss of arms contracts with Libya as a result of the UN’s arms shipments embargo. Anatoly Isaikin, the General Director of Russia’s defense export giant Rosoboronexport, said that Russia had concluded arms contracts worth $2 billion with the previous administration of Libya. “We could conclude more contracts for the same amount,” the official told Interfax.

According to Isaikin, Russia stopped executing all defense contracts with Libya following the UN embargo. Moscow plans to conduct negotiations on the subject with the new Libyan administration as soon as the embargo is lifted. The negotiations will solve the fate of the previously concluded contracts, as well as other contracts, that were prepared for signing. “We do not build illusions about it,” the official said.

In the meantime, foreign media say that Russia’s similar arms contracts with Syria may end up the same. This is exactly the reason why Moscow is unwilling to approve the resolution of the Arab League in New York, Germany’s Suddeutsche Zeitung wrote.

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Posted on February 20, 2012, in Libya, Russia and tagged , , . Bookmark the permalink. Leave a comment.

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