Russia’s Global Defense Market Share Diminishes as Arms Exports Fall by 92%

Russia’s arms exports have plummeted by 92% from 2021 to 2024, dropping from $14.6 billion to just $1 billion, according to a report by the Jamestown Foundation published on February 15.

The number of countries still purchasing Russian weapons has also shrunk to just 12, a dramatic decline that highlights the Kremlin’s weakening grip on the global defense market.

Against this backdrop, Moscow recently announced its first-ever export contract for Su-57 fighter jets, with Algeria emerging as the buyer. Analysts, however, see this as more of a desperate attempt to salvage Russia’s collapsing arms industry rather than a sign of recovery.

The report attributes Russia’s sharp decline in arms exports primarily to its full-scale war against Ukraine, which has forced its military-industrial complex to prioritize domestic wartime production over fulfilling foreign contracts.

As a result, many of Moscow’s traditional customers have either exercised caution or shifted to alternative suppliers like China.

The revenue from arms exports shrank significantly:

• 2021: $14.6 billion in arms sales

• 2022: $8 billion ($6.6 billion drop)

• 2023: $3 billion ($5 billion drop)

• 2024: Just $1 billion, marking a 92% collapse over three years

According to data from the Stockholm International Peace Research Institute (SIPRI), Russia’s arms exports fell by 53% from 2014–2018 to 2019–2023, reflecting a deepening systemic crisis.

Despite its struggles, the Kremlin still clings to a handful of key buyers, including India, China, and Myanmar, which remain strategically important for Moscow.

Additionally, Russia’s state arms exporter, Rosoboronexport, claims to hold an order backlog worth $55 billion, though the fulfillment of these contracts has been “postponed” due to the war in Ukraine.

Earlier, a Russian defense company under the state-owned corporation Rostec secured contracts to acquire American and German equipment worth approximately $7.4 million to expand its electronic warfare production capabilities.