Official: Russia signed record $70 billion in arms contracts

Russia has expanded its arms contract portfolio to a record $70 billion, First Deputy Prime Minister Denis Manturov told President Vladimir Putin on January 12.

According to Russian media, speaking at a government meeting, Manturov noted that before 2022, the largest portfolio of signed contracts stood at $55 billion. “This is now a record — $70 billion,” he said.

Manturov suggested that the trend is likely to continue, citing the demonstrated performance of Russian military equipment in the ongoing special military operation as a factor driving international demand.

He highlighted strong interest from overseas buyers in Russia’s electronic warfare systems and unmanned aerial vehicles.

The deputy prime minister also reported that over the past three years, the workforce in Russia’s defence industry has grown to 3.8 million employees. President Putin urged Manturov to focus on productivity within the sector.

Historically, before the 2022 full-scale invasion of Ukraine, Russia's arms export order book was typically in the $50–60 billion range, with annual export revenues averaging $12–15 billion (e.g., ~$14.6 billion in 2021 per various estimates). The portfolio reflected long-term deals, primarily with traditional buyers like India and China.

Since 2022, actual arms export deliveries have sharply declined due to redirected production for domestic military needs, Western sanctions limiting components and payments, and buyer hesitancy.

Independent sources like SIPRI show Russia's global arms export share fell from ~21% (2015–2019) to 7.8% (2020–2024), with volumes dropping 64% over that period. Revenues reportedly plummeted to ~$8 billion in 2022, $3 billion in 2023, and under $1 billion in 2024.

By Aghakazim Guliyev