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Russia Hopes to Quadruple Arms Sales by 2020

Russia could quadruple its annual arms sales to $50 billion by 2020 in a race for the top spot on the global arms exporters list, a senior government official said Thursday.

"Not counting inflation, I think we could reach $50 billion [in arms exports] annually by 2020," Deputy Prime Minister Dmitry Rogozin said. "It is four times the current amount."

The U.S. sold $69.1 billion worth of weaponry to foreign customers last year, according to the U.S. Department of Defense.

Russia became the world's second-largest arms exporter in 2011, generating $13.2 billion in revenues.

Last year, Russia exported $15.2 billion worth of weaponry while adding Afghanistan, Ghana, Oman and Tanzania to a list of about 80 foreign customers.

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