MOSCOW, Aug. 17 (UPI) -- The cancellation of weapons contracts from Libya cost a Russian state-run arms exporter $4 billion, a head of the company said Wednesday.
Russian President Dmitry Medvedev last week said he supported the U.N. Security Council resolution in March that sanctioned international military action in Libya. Moscow abstained from voting on U.N. Security Council Resolution 1973, which called for "all necessary means" to protect civilians from attacks by forces loyal to Libyan leader Moammar Gadhafi, however.
Anatoly Isaikin, head of arms exporter Rosoboronoexport, said his state-run company lost $4 billion because of the military conflict in Libya, Russia's state-run news agency RIA Novosti reports.
Moscow is supporting the arms embargo on Libya and suspended all of its military contracts with the country, he stressed.
Isaikin added, however, that his company was expecting to sell around $9 billion worth of weapons and equipment in 2011, up from $8.5 million in 2010.
"I am sure that we will exceed this year's targets -- the amount will be $9 billion as a minimum," he was quoted as saying.