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.
… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.
We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.
Remind me later.