Sanctions Hamper Receiving Arms Export Revenue, but Russia Knows a Way Out

The sanctions create obstacles for receiving revenue from arms trade deals; however, Russia knows a way out, Deputy Prime Minister Dmitry Rogozin said.

MOSCOW (Sputnik) — Western sanctions against Moscow over the crisis in Ukraine make it more difficult for Russia to obtain the money it has earned on arms exports, though Russia has found a way to deal with this problem, Deputy Prime Minister Dmitry Rogozin said Wednesday.

“We make almost fifteen billion dollars a year. And it would seem that Russia could compensate the economic losses we have suffered over sanctions with the foreign currency earnings,” Rogozin said at a conference.

However, “the sanctions targeting the financial system of the Russian Federation complicate the return of the money we have actually earned through the sale of weapons,” the minister added.

“We have, of course, found a way to compensate this,” Rogozin noted, refraining from specifying the details.

On Tuesday, Russia's state arms trader director general Anatoly Isaykin told RIA Novosti that the company exceeded its export projections by $22 million in 2014 despite the anti-Russia sanctions.

The United States, the European Union and their allies imposed several rounds of restrictions against Russia aiming to weaken the country's economy and particularly its defense industry and financial system in 2014. Russia has repeatedly denied the accusations.