Russia Could Lose $13bn Through Iranian Trade Embargo

10 August 2010 (Last Updated August 10th, 2010 18:30)

Russia may lose $13bn due to extensive arms trade embargoes imposed on Iran over its nuclear programme, according to Russian news agency RIA Novosti. In June 2010, the UN Security Council passed new sanctions against Iran that included stringent financial controls and an expanded arms t

Russia may lose $13bn due to extensive arms trade embargoes imposed on Iran over its nuclear programme, according to Russian news agency RIA Novosti.

In June 2010, the UN Security Council passed new sanctions against Iran that included stringent financial controls and an expanded arms trade embargo.

Russia may lose up to $2.2bn from collapsed sales of air defense systems, $3.2bn on naval equipment, $3.7bn on combat aircraft, $2.5bn on military equipment for Iranian ground forces and up to $1.1bn on combat helicopters.

An estimated additional loss of $200m and $250m is also expected due to closed bilateral cooperation in space research and stopped deliveries of spare parts for military equipment.

Russian think tank Official Igor Korotchenko said the amount included revenues from prospective projects and deliveries under signed contracts.