The exports of Russian armaments are expected to rise in excess of 10 percent this year. The combined volume of weapons sales is forecast to reach USD 11 billion in 2011, according to the director of the Federal Service for Military and Technical Cooperation Mr. Michail Dmitriev. Analysts suggest that it is likely that the exports of weapons will reach as much as USD 12 billion this year.

A total of 64 percent of Russia’s weapons exports have already been shipped to the destination countries. Mr. Dmitriev did acknowledge that Russia’s producers of weapons were deprived of the opportunity to make an extra USD 95 million as a consequence of the moratorium on the shipments of weapons to Libya. The ban on weapons sales to Libya was instituted in March of 2011 by the United Nations after considerable bloodshed in the confrontations between the Gaddafi regime and the rebellious factions in the east of that country.

The largest importer of military equipment and weaponry from Russia is India. Imports by that Asian country account for as much as 44 percent of Russia’s defense industry exports. Russia is currently the second largest exporter of armaments, behind the United States. Most of the clients for the products of the Russian defense sector are from countries in Asia, the Middle East, and Latin America.