Russia May Lose Billions Over Arms Sales to Algeria and Syria

20 March 2011 (Last Updated March 20th, 2011 18:30)

Russia could lose over $6bn on Algerian and Syrian arms contracts if the situation in the countries becomes unstable, Russian think tank on international arms trade expert Igor Korotchenko has said. "Arms sales to Algeria and Syria constitute about an eighth of Russia's portfolio of arms

Russia could lose over $6bn on Algerian and Syrian arms contracts if the situation in the countries becomes unstable, Russian think tank on international arms trade expert Igor Korotchenko has said.

"Arms sales to Algeria and Syria constitute about an eighth of Russia's portfolio of arms orders worldwide, which totals $48bn," he added.

The political juncture in Syria could also prevent Russia from using its only naval base abroad, according to RIA Novosti.

Russia is the second largest arms exporter in the world after the US, and has already faced losses on some arms contracts due to political unrest in North Africa and the Middle East.