Moscow, Mar. 5 (ANI): Cancelled arms sales are likely to cost Russia upwards of 10 billion dollars due to the unrest in Libya and in other Middle Eastern countries.
Russia is expected to lose four billion dollars in projected Libyan arms sales.
The New York Times quoted Sergei V. Chemezov, the director of the Russian state company in charge of weapons exports, as saying that the financial setbacks are "lost opportunity costs" so far, because factories had not yet incurred outlays to build the orders for Libya.
"We signed contracts, but they had not yet taken effect. The money we could have received, but we will not receive, is about four billion dollars," Chemezov said.
Through his job at the giant Russian state company, Rostekhnologia, Chemezov is one of the world's largest arms dealers.
He suggested that Libyan weapons may now find their way onto the black market, and he took pains to emphasize that Russia adheres strictly to United Nations rules in its sales of lethal machinery around the world.
Russia has supported the UNSC arms embargo on Libya, despite knowing the cost to its domestic industries.
"We are a civilized country. We understand that any violation of human rights, whichever side is doing it, whatever our friendly relations with them, all the same, we need to support the people, the simple people. We cannot allow them to kill people for no reason," Chemezov said. (ANI)
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