Russia Reports Record Arms Exports in 2012

Russia's overseas arms sales exceeded USD 14 B in 2012, outperforming forecasts by more than USD 500 M, Russian President Vladimir Putin said on Monday.

The Russian defense industry also sealed export contracts worth another USD 15 B in 2012, Putin said in Moscow, as cited by RIA Novosti.

But Russia should work to expand its range and strengthen its position on the market for the maintenance and modernization of military equipment, Putin said, speaking at a session of a governmental commission on the defense industry.

The Russian Federal Service for Military and Technical Cooperation forecasted arms exports in 2012 would stand at USD 13.5 B.

Russia reported arms sales of USD 13.2 B in 2011, enough to maintain its position as the world's second arms exporter after the USA.

The US Defense Security Cooperation Agency reported overseas arms sales of USD 34.8 B last year.

India is the leading purchaser of Russian arms, with Vietnam, Myanmar, Venezuela and countries of the Middle East also figuring among main clients of the Russian defense industry.

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