Loading...
See More

Russia could 'lose $4bn' in Libyan deals

Feb 27 2011 14:37 AFP

Related Articles

Libya holds fortune in US banks

Oil hits $113 as contagion fears grow

SA could 'do an Egypt', says academic

'North Africa uprisings a warning to SA'

Oil gains, global stocks fall on Libya

Brent climbs above $110 on Libya unrest

 

Moscow - Russia could lose almost $4.0bn in arms export contracts to Libya after Moscow joined other world powers in slapping an arms embargo on Muammar Gaddafi's regime, a report said on Sunday.

The Interfax news agency quoted a military source as saying that Russia had an order book for contracts from Libya worth $2.0bn while negotiations had been in progress for deals worth $1.8bn more.

"Among the countries of the Middle East and North Africa, Libya is one of the main buyers of Russian weapons," the source, which was not identified, told the agency.

"As of today, contracts for military hardware of around $2.0bn had been agreed with Libya.

"Work on contracts for aviation equipment and air defence was also in the final stage. These were valued at $1.8bn," the source said.

Russia was initially slow to echo Western condemnation of Gaddafi amid his bloody crackdown on an uprising but on Saturday it joined other UN Security Council members in ordering an arms embargo against Libya and other sanctions.

Another report last week said Russia could lose a total of up to $10bn in arms sales from the wave of unrest currently destabilising regimes in north Africa and the Middle East.

muammar gaddafi  |  russia  |  libya
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...