Russia Plans To Revive Trade, Economic Cooperation With Libya - Official

MOSCOW (UrduPoint News / Sputnik - 13th November, 2018) Russia plans to revive trade and economic cooperation with Libya once the security situation in the Maghreb country stabilizes, First Deputy Chief of the Russian Government Staff Sergei Prikhodko said on Tuesday.

"As for trade and economic cooperation with Libya, we presume that the condition for the participation of Russian companies in joint investment projects is the normalization of the security situation and the formation of common Libyan institutions of power," Prikhodko said.

The official noted that the countries may already expand their cooperation on trade.

"It is obvious that the current volume of bilateral trade � about $200 million a year � does not reflect the existing potential.

Russian business circles are obviously interested in Libya, and this is a good guarantee for working together closely," Prikhodko underlined.

Later in the day, Russian Prime Minister Dmitry Medvedev will take part in the Palermo Conference on Libyan settlement.

Libya has been in turmoil since the overthrow and killing of its long-time leader Muammar Gaddafi in 2011. The country is divided between two governments, with the eastern part controlled by the Libyan National Army (LNA), and the western part governed by the UN-backed Government of National Accord, led by Prime Minister Fayez Sarraj.