RUSSIA NOW SECOND_LARGEST GLOBAL ARMS PRODUCER

Russia’s arms industry has become the second-largest in the world, knocking the UK into third place, according to a new report by the Stockholm International Peace Research Institute (SIPRI).

Russian companies in the SIPRI Top 100, an index of the largest arms-producing and military services companies in the world, made 9.5% of total arms sales in 2017.

The US ranks first, with 57% of total arms sales, and the UK was pushed into third with 9.0%.

The SIPRI Top 100 contains 10 Russian companies that increased arms sales by a collective 8.5% in 2017 to $37.7 billion.

Siemon Wezeman, a senior researcher at SIPRI, made this known in a press release on Tuesday.

“Russian companies have experienced significant growth in their arms sales since 2011. This is in line with Russia’s increased spending on arms procurement to modernize its armed forces.”

These companies have no competition in the Russian market and have benefited from increased military spending as President Vladimir Putin modernizes the country’s armed forces, Wezeman told CNN in an email.