The ongoing violence in Libya will cost Russia a $4-billion payday from an arms deal it had earlier agreed to with Moammar Gaddafi, according to the Interfax news agency, quoting Sergei Chemezov, head of the state holding company that controls arms exports.

Chemezov is the director-general of Russian Technologies State Corp., the huge state company that owns hundreds of industrial and military firms, including arms exporter Rosoboronexport.

A few days ago Russia backed a resolution of the United Nations Security Council that imposed an arms embargo on Libya's government.

The daily newspaper Kommersant said earlier this week that Russia currently has $2 billion worth of arms contracts with Libya and was close to completing deals to sell military aircraft and anti-aircraft missiles valued at another $1.8 billion.