Russia drops dollar in arms trade settlements

Military and technical cooperation is not limited to deliveries of finished products anymore, CEO Sergey Chemezov added.

Russia has phased out the dollar in arms contracts with foreign partners, with most deals being concluded in rubles and national currencies, Chief Executive Officer of Russia’s state corporation Rostec Sergey Chemezov said.

“As far as sanctions are concerned, they surely complicate the work, due to which the issue of armaments cooperation is almost not being discussed publicly now. If you see, we say almost nothing of outcomes of business programs of exhibitions and contracts concluded. Moreover, we have dropped settlements in dollars, with most contracts being concluded in rubles or national currencies,” he told the Razvedchik magazine.

Military and technical cooperation is not limited to deliveries of finished products anymore, Chemezov added. “We have a large portfolio of technological cooperation projects in different regions of the world. This includes localization of production and joint developments. The contract with India for the production of engines for Indian T-72s in this country is a good recent example,” he noted.