Russia's arms sales fall sharply

RUSSIA / FSU POLITICS - In Brief 14 Mar 2023 by Alex Teddy

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The Stockholm Peace Research Institute (SPRI) published on data March 13 showing that Russia's share of world sales has shrunk since 2018. In the 5 years prior to that Russia sold 22% of all the arms in the world. 2018-22 it sold 16% of all the arms. It is thought that arms sales will fall even more because the Russian arms industry needs to prioritize arming its own military. Moreover, Russian arms have been proven inferior to their NATO analogues in the Ukrainian War. The highest % of Russian arms sales go to India. India is Russia's biggest customer but has been buying less and less from Russia. China buys 39% of Russian arms exports, and Egypt buys 44% of Russian arms exports.  SIPRI uses five-year periods to assess arms sales because there is too much annual volatility. The US is also discouraging countries from purchasing Russian arms. Sanctions have also hurt the Russian arms industry as Russia cannot access some components needed for arms production. Arms sales were important to the Russian economy. They would be even more so because of the oil price cap. France is the 3rd biggest arms exporter in the world and has increased its arms sales in the last 5 years. If current trends continue it will overtake Russia and become the 2nd biggest arms exporter. Ukraine is the world's 3rd largest importer. It imported 2% of all the arms in the world in 2022. EU countries have increased arms imports 47% in 2022, mostly buying them from the US.