Russia's portfolio of weapons export orders stands at $48 billion

Russian exporters of weapons and military hardware continue to honor their obligations as part of contracts with foreign partners and have signed new arms delivery deals despite the sanctions imposed on Russia by the West, the director of Russia's Federal Service for Military-Technological Cooperation, Alexander Fomin, has said.

Russian exporters of weapons and military hardware continue to honor their obligations as part of contracts with foreign partners and have signed new arms delivery deals despite the sanctions imposed on Russia by the West, the director of Russia's Federal Service for Military-Technological Cooperation, Alexander Fomin, has said.

"The overall portfolio of orders is quite extensive. According to our estimates, it stands at around $48 billion today," Fomin told reporters on the sidelines of the Africa Aerospace and Defense 2014 international conference and exhibition in South Africa.

"An orders portfolio is a living organism. Like an athlete's body, it should be trained every day. There will be no new records in the absence of training," he said.

"The orders portfolio shrinks day by day as its obligations are fulfilled and contracts are implemented. New contracts should be added to it. This work should be done on a day-to-day basis," Fomin said.

Russia's state arms trader Rosoboronexport is responsible for contracts worth nearly $39 billion.

"Our portfolio of orders currently stands at $38.7 billion. It is one of the best results for Rosoboronexport over the past few years," the company's general director Anatoly Isaikin told reporters on the sidelines of Africa Aerospace and Defence 2014 earlier.

Various sanctions have been imposed on Rosoboronexport more than once, primarily by the United States, he said.

"The amount of orders only increased over the period during which we were subject to sanctions," Isaikin said.

"New orders keep arriving, and our orders portfolio is stable. We do not have the slightest reason to believe that it can shrink this year," he added.

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