Russia Capable Of Increasing Annual Arms Exports To $20Bln By 2024 - Think Tank

Russia has not yet realized its full potential for arms exports and is capable of increasing its annual revenues in this field up to $20 billion by 2024, Igor Korotchenko, the head of Russia's Center for Analysis of World Arms Trade, said on Monday

MOSCOW (UrduPoint News / Sputnik - 24th June, 2019) Russia has not yet realized its full potential for arms exports and is capable of increasing its annual revenues in this field up to $20 billion by 2024, Igor Korotchenko, the head of Russia's Center for Analysis of World Arms Trade, said on Monday.

Russian President Vladimir Putin said earlier on Monday that Moscow's revenues from arms exports had been growing for the past four years and reached nearly $16 billion per year.

"Currently this figure [$16 billion] is a level which is undoubtedly successful, speaking in terms of modern geopolitics.

I believe Russia plans to increase [arms] exports to earn $20 billion yearly. I think this can be achieved in the next five years," Korotchenko told Sputnik.

The expert also said that foreign sanctions on Russia had not impacted the country's arms export revenues.

Russia remains one of the world's largest arms exporters, second only to the United States. According to Rosoboronexport, Russia's state arms exporter, Moscow's most popular global exports are aircraft and helicopters.