Finance, Taxes, Insurance
Russian Arms Exporters Hit By Payment Sanctions
Western banks are withholding billions of dollars due to Russian companies; report names India, China and Iraq as biggest customers.
Western sanctions have hit arms receipts, but Russian defense companies are still exhibiting at foreign shows, such as Paris, shown here. (Photo: Chris Pocock)
Western sanctions have hit arms receipts, but Russian defense companies are still exhibiting at foreign shows, such as Paris, shown here. (Photo: Chris Pocock)

Payments for Russian arms worth billions of U.S. dollars are held up in Western banks because of trade sanctions imposed by Western countries in the wake of the Ukrainian conflict. Officials of Rostec, the state-owned corporation that took over much of Russia’s military-industrial complex beginning in 2007, revealed details in its corporate report for 2014, published last month. Rostec reported export sales of nearly $15 billion last year, of which $13.2 billion was arranged through Rosboronexport, the state arms export agency. Just three countries accounted for over two-thirds of the total: India (25 percent), China and Iraq (22 percent each).


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