This article presents a retrospective analysis of Libya’s domestic and foreign policy in the period starting from the government headed by Gaddafi in 1969 until the lifting of international sanctions against Libya in 2003. The author gives a generalized description of the development of Libya during the given period, analyzes some features of its relations with Arab countries, West European countries and the USA, as well as with the United Nations. Particular attention is paid to the assessment of the Libyan-Soviet/Russian relations, and in connection with the imposing of sanctions and their lifting. The author shows that the Russian-Libyan trade-economic and scientific-technological cooperation was reduced to almost zero since the sanctions were imposed. From then on, Russia could not supply to Libya aviation equipment (both military and civilian) and spare parts for military technology. There was stopped the training of the Libyan military and civilian personnel in the Russian Federation, there were withdrawn the Russian military and technical experts and advisers from Libya. Libya became insolvent. Russia pulled out of the regime of international sanctions in May 1999. The total lifting of sanctions against Libya took place 12 September 2003. It gave a new impetus to the development of the political dialogue between Libya and Russia, there were intensified meetings at various levels and there began the implementation of many contracts signed earlier.