Russia's arms exports in 2015 exceeded expectations and totaled $14.5 billion, while the current foreign orders portfolio stands at over 56 billion, President Vladimir Putin said Tuesday.
"Exports of Russian military equipment in 2015 exceeded our expectations and totaled $14.5 billion," Putin said at a meeting of the presidential commission on military-technical cooperation with foreign states.
According to the president, Russia is maintaining a solid second place among global leaders in arms trade, Sputnik News Agency reported.
"Our foreign orders portfolio is growing. Last year, we signed arms export contracts exceeding $26 billion As a result, the current arms export orders portfolio has exceeded $56 billion for the first time since 1992," Putin stressed.
Russia delivered military equipment to 58 countries in 2015 while expanding its presence to new markets in Africa, Latin America, South Asia and the Middle East, Vladimir Putin said.
Putin said that Russia's key partners in military-technical cooperation were countries of the Commonwealth of Independent States and the Collective Security Treaty Organization, as well as India, Iraq, Egypt, Vietnam, China and Algeria.
"In addition, we are actively exploring new arms markets in Africa, Latin America, South Asia and the Middle East," Putin added.
Vladimir Putin also noted that he hopes that a possible revival of military-technical cooperation between Russia and Europe would help increase trust.
"Military-technical cooperation with European countries has almost stopped. I would like to underline that this was not at our initiative and we expect that this is a temporary situation," Putin said at a meeting with Russia's Commission on Military-Technical Cooperation.
The president told the commission he was confident that it was in the interests of all European countries to restore transparent and productive cooperation in all areas, including within the military-technical field. "Of course, this will increase trust," he said.