Russia's arms exports fell by 47% in 2024 compared to 2022, when Moscow launched its full-scale invasion of Ukraine, according to a March report by the Stockholm International Peace Research Institute (SIPRI).
The decline is attributed to Russia prioritizing weapons production for its own military, the impact of Western sanctions, and increased pressure from the U.S. and its allies on countries purchasing Russian arms, the report said.
Since 2022, Western sanctions have targeted Russian banks, energy exports, and dual-use goods, further straining Moscow’s arms trade.
Over the past five years, Russian arms exports have dropped by 64%, shrinking the country’s global market share to 7.8%. While Russia supplied arms to 47 countries between 2018 and 2022, that number dropped to 33 in 2024.
Asia and Oceania accounted for 74% of Russian exports, Africa 12%, and Europe 7.4%. India remains Russia’s largest buyer, accounting for 38% of sales, followed by China (17%) and Kazakhstan (11%).
Russia is still set to deliver arms under deals with India, Iran, and Saudi Arabia.
Despite its declining market share, Russia remains one of the world’s top three arms exporters, SIPRI noted. The U.S. continues to lead, controlling 43% of global arms exports.
David Junk
