Russia accounts for about 20% of the world arms market, with a total order portfolio of about $50 billion, Russian Deputy Prime Minister Yuri Borisov said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 18th May, 2022) Russia accounts for about 20% of the world arms market, with a total order portfolio of about $50 billion, Russian Deputy Prime Minister Yuri Borisov said on Wednesday.
"The United States is in first place with 39% of the total world arms market share, while Russia, with a much smaller military budget, has steadily held a share of about 20% of the world market for many years with a large lead over France, which holds a share of 11%," Borisov said at an educational marathon in Moscow.
According to Borisov, India, China, Algeria and Egypt are the main importers of Russian arms. The package of orders for many years ahead is about $50 billion with annual arms export worth from $14 billion to $15 billion, Borisov added.
"This is quite a serious revenue stream. I think that after the export of hydrocarbons, food and wheat, it is the third constituent part of our export revenues," the official said.
On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian forces. In response to Russia's operation, Western countries have rolled out a comprehensive sanctions campaign against Moscow, which includes airspace closures and restrictive measures targeting numerous Russian officials and entities, media, financial institutions and industries. Some foreign companies have decided to leave Russia altogether.
