Russia's Foreign Ministry released a statement on its website Thursday, recognising the Libyan rebels' National Transitional Council as legitimate authorities.
"The Russian Federation recognises the National Transitional Council (NTC) as the current authorities."
"We proceed from the position that all previously agreed treaties and other mutual obligations ... will be implemented in good faith."
Under Libya's now deposed leader, Muammar Gaddafi, Moscow had established billions of dollars worth of arms, energy and infrastructure deals.
Moscow's announcement comes after months of Russian criticism of the NATO air strikes over Libya.
This announcement also coincides with the meeting of 60 delegations from states across the world, in Paris' Elysee Palace.
The meeting was organised to discuss post-conflict reconstruction and Libya's transition to democracy. Participating nations include France, UK, Italy, US, Germany and Qatar.
Ahead of the meeting, speaking to France's ambassadors, the French President, Nicholas Sarkozy, stated "With the countries present, with the UN, with the Arab League, with the African Union, we will turn the page on dictatorship and combat to open a new era of cooperation with a democratic Libya".
