Russian weapon exports to reach $8 billion record

The volume of Russia’s weapon exports is expected to reach a record $US 8 billion in 2008.

It is expected that this year's figures will break the record for 2007, when arms sales reached $US 7.4 billion, according to the Federal Service of Military-Technical Co-operation.

Russia is currently preparing new defence contracts with a number of countries including Venezuela and Saudi Arabia.

There are also plans to help the Indian Air Force to modernise its fleet of Russian-made MIG-29 jets.

Aviation still accounts for the largest share of Russia's military exports.