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Friday, August 05, 2011

Russia eyeing $3b in arms contracts

Yak-130Russia, the world's second largest arms exporter, may seal three new orders worth more than $3 billion for fighter aircraft over the next year, the top Russian defense think tank CAST said on Thursday.

The new orders would be a boon to an industry which has watched its export market shrink after the Arab Spring revolutions and been criticized at home by President Dmitry Medvedev over the quality of its weapons systems.

India is looking to sign a new $2 billion contract for 40 Sukhoi-30MKIs, according to CAST data, and the Russian Defense Ministry itself may soon sign a deal for 24 Mikoyan-29Ks to renew the aging fleet on its sole aircraft carrier.

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