Russia has surpassed Britain by becoming the second largest arms producer in the world behind the United States, the Stockholm International Research Institute for International Peace (SIPRI) said in a report released on Monday.
“Russian companies have experienced significant growth in their arms sales since 2011,” Sipri senior researcher Siemon Wezeman said in a statement.
“This is in line with Russia’s increased spending on arms procurement to modernize its armed forces,” he added.
In 2017, Russia had 10 companies among the top 100 global arms and military services companies, accounting for 9.5% of Sipri’s turnover. The turnover of the 10 companies was $ 37.7 billion, revealed Sipri.
This put Russia in second place, a position Britain had occupied since 2002.
The United States tops the list with 42 companies and their sales rose 2% to $ 226.6 billion, accounting for 57% of arms sales.
“US companies are benefiting directly from the constant demand for arms from the US Department of Defense,” said Aude Fleurant, director of Sipri’s weapons and defense spending research program.
The US company Lockheed Martin has remained the largest weapons producer in the world in 2017, with sales of $ 44.9 billion, according to think tank.
Meanwhile, Britain, the largest producer of weapons in Western Europe, is downgraded to third place, with sales of $ 35.7 billion.
According to Sirpri, sales by Turkish companies increased by 24% in 2017, reflecting Ankara’s ambitions to develop its arms industry to meet its growing demand for weapons and become less dependent on foreign suppliers. “