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Monday, February 28, 2011

Russia could 'lose $4 bn' in Libya arms deals

Yak-130Russia could lose almost $4.0 billion in arms export contracts to Libya after Moscow joined other world powers in slapping an arms embargo on Moamer Kadhafi's regime, a report said on Sunday.

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

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