The Center for Strategic and International Studies (CSIS), a non-profit organisation in the US, has released a new report on Russian arms exports.
The report states that Russia remains a major player in the global defence market and is currently the world’s second largest arms supplier after the US.
According to the organisation, arms exports are major contributors to the Russian economy, besides supporting the country politically and militarily.
The major arms contracts are believed to play a major role in developing political and economic relationships with numerous countries, including China, India, Algeria, Kazakhstan and Venezuela.
Figures released by the report show that close to 400,000 Russian engineers, scientists and technicians directly depend on defence exports.
Russia has increased the volume of its arms exports and extended the geography of its deliveries over the past ten to 15 years.
According to the Federal Service for Military and Technical Cooperation (FSMTC), Russian annual arms exports have increased from $6bn in 2005 to $15.3bn in 2015, marking an increase of 150%.
The report also highlighted that Russian portfolio of foreign defence contracts is stagnating after a period of growth.
Russian arms exporter Rosoboronexport supplied weapons to 116 different countries since its inception.
China and India accounted for more than 50% of the Russian arms exports in US dollars.