Russia to lose US$11 to US$13 billion from halting military cooperation with Iran
Russia's financial losses due to the halt of the military and technical cooperation with Iran could reach between US$11 and US$13 billion. This was stated on Tuesday by Igor Korothenko, the President of the Russian National Center for Analysis of International Trade with Weapons. "This amount includes supplies under contracts already signed and the the profits which will not be achieved due to elimination of future projects," he noted.
According to the data issued by the Center, Iran began in 2001 to modernize its armed forces. This process is due to take 25 years and includes primarily to buying Russian made weapons system and military technologies. The total value of the contracts was put at US$25 billion.
Korothenko conveyed he the Russian military industries can expects now to get half of this amount in the period from 2010 to 2025."
- State of the Arab World Economy report 2016: diversify, tax, slash subsidies
- Arab investors won't dump the Trump despite anti-Muslim remarks
- UAE economy minister projects high growth despite oil prices
- UAE can set the pace for innovation in the Middle East: IBM vice president
- Business community welcomes UAE's deficit-free budget