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. Last Updated: 07/27/2016

Arms Exports To Rise 50%, Russia Says

Russia's state arms export company expects to sell nearly $2.6 billion in weapons this year, up 50 percent from the $1.7 billion sold in 1994, Interfax reported Friday.

Alexander Kotyolkin, general director of Rosvooruzheniye, said the company signed contracts for $1.675 billion in sales already this year.

Southeast Asia and the Middle East are the main sales regions, he said, accounting for 60 percent of turnover. Anti-aircraft systems, helicopters and missile cruisers are among the most popular items, he added.

According to Interfax, Kotyolkin said recent corruption allegations against his predecessor at Rosvooruzheniye could threaten orders worth $109 million, but he didn't give further details.

Arms sales were an important source of hard currency for the Soviet Union, but the Soviet collapse in 1991 left the industry in turmoil.