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Saturday, March 05, 2011

Russia big loser in Arab arms market slump

S-300PMURussia's arms industry looks to be the big loser from U.N. sanctions imposed on Moammar Gadhafi's Libyan regime as it fights its own people for survival.

Russia's state-run arms exporter, Rosoboronexport, will lose $4 billion in prospective contracts for fighter jets and tanks because of the United Nations' actions, said Sergei Chemezov, head of the state industrial holding Russian Technologies.

Those deals stemmed mainly from a military spending spree that Gadhafi launched when international sanctions against his regime were lifted in 2004 after he abandoned a clandestine nuclear arms program.

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