After four years of recession, between 2017 and 2018 Libyan economic growth doubled primarily as the result of the nation utilizing its oil and gas potential. While still a long way from attaining political stability, the country is nonetheless attracting the attention of some of the biggest international corporations. As Libya reintegrates into the global economy, the demand for projects in energy, construction, medicine, agriculture, and education is increasing. European and Russian companies are seeking opportunities to restart projects, which were being implemented prior to the 2011 revolution. Success and stability of Libya is important to both the European Union and Russia. What prospects are there for Russian and international companies making a return to the Libyan market? What areas of business cooperation will take priority at this new stage in establishing bilateral contacts? Can Russia and Libya return to their previous level of trade and economic cooperation and capitalize on the current relations?