BREAKING NEWS

Russia eyeing $3 billion in new arms contracts

MOSCOW - Russia, 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.
"There is a very strong chance that the Indian air force may sign a contract to buy up to 40 Su-30MKI fighters, even by the end of this year," CAST Director Ruslan Pukhov said.
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