Russia, the world's second largest arms exporter, has recorded USD 14 billion arms sales this year, with India being the leading purchaser, according to a media report today.

"The country's defence industry also sealed export contracts worth another USD 15 billion in 2012," President Vladimir Putin said.

But Russia should work to expand its range and strengthen its position on the market for the maintenance and modernisation of military equipment, he said, speaking at a session of a governmental commission on the defence industry.

The Russian Federal Service for Military and Technical Cooperation forecast arms exports in 2012 would stand at USD 13.5 billion, according to Russian news agency RIA Novosti.

India is the leading purchaser of Russian arms, with Vietnam, Myanmar, Venezuela and countries of the Middle East also figuring among main clients of the Russian defence industry, the report said. However, the report did not provide country-wise break-up.

Russia, which supplies weaponry to 55 countries, reported arms sales of USD 13.2 billion in 2011, enough to maintain its position as the world's second arms exporter after the US.

The US Defence Security Cooperation Agency reported overseas arms sales of USD 34.8 billion last year.

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