The annual report from the Stockholm International Peace Research Institute (SIPRI), released today, reveals significant shifts in the global arms trade, particularly influenced by the ongoing conflict in Ukraine.

Notably, Russian arms exports have halved from 2019 to 2023, reflecting a dramatic decline that has severely impacted the country's weapons industry.

The number of countries purchasing Russian weapons has plummeted from 31 in 2019 to just 12 in 2023, largely due to geopolitical shifts and sanctions.

Estimates indicate that Russian arms exports fell from $14.6 billion in 2021 to approximately $3 billion in 2023, with projections suggesting less than $1 billion for 2024.

This decline is partly attributed to Russian manufacturers prioritizing domestic military production over foreign contracts, further exacerbated by reputational damage from the performance of Russian weapon systems in Ukraine.

Additionally, reliance on imported technology due to sanctions complicates the recovery of the Russian arms export sector.

In contrast, Ukraine has emerged as the world's top arms importer during the 2020-2024 period, increasing its imports nearly 100 times compared to the previous five years.

This surge in Ukrainian arms imports aligns with heightened European rearmament efforts, particularly following Russia's annexation of Crimea in 2014.

Countries in Europe and the Americas are increasingly receiving arms, particularly in response to threats from nations like China and Iran.

The United States remains the leading arms supplier globally, commanding 43% of exports, while France has surpassed Russia to become the second-largest arms exporter with a 9.6% market share.

The U.S. has also become the largest arms seller in Asia and Oceania, while China is now the top supplier in sub-Saharan Africa, highlighting Russia's diminishing market presence.

Research indicates that both China and South Korea are emerging as significant competitors to Russia in the arms market, particularly in different value segments.