Support The Moscow Times!

Russian Arms Exports Hit $13 Billion in 2014

Despite Western sanctions on Russia's defense industry, arms exports hit state targets to rake in more than $13 billion for 2014, news agency RIA Novosti quoted presidential aide Vladimir Kozhin as saying Wednesday.

Russia hoped to sell "at least $13 billion" in weapons, Sergei Ladigin, a representative for state arms exporter Rosoboronexport, told RIA Novosti in late October.

Russia's weapons industry order portfolio stands at $48 billion, Kozhin added during his speech at a government awards ceremony. This number squares with earlier comments made in November by President Vladimir Putin, who put Russia's order portfolio at "around $50 billion," RIA reported.

U.S. and EU sanctions on Russia's arms industry over Moscow's role in the Ukraine crisis are expected to affect exporters only slightly in the coming years, Siemon Wezeman, a senior research for the Stockholm International Peace Research Institute (SIPRI), told The Moscow Times earlier this week.

Russian arms companies raked in a total of $31 billion last year, with 10 firms landing a spot in the top 100 global arms firms, according to a report released Monday by SIPRI.

The Russian weapons industry's gains have been made largely on the strength of a government rearmament campaign set to invest 20 trillion rubles ($320 billion) in modernizing Russia's aging military by 2020, SIPRI reported.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.