There are now four Gulfstream G650 jets owned by Russian billionaires, but one of these is currently grounded as a result of U.S. economic sanctions against Russia. The aircraft in question is owned by oil and gas entrepreneur Gennady Timchenko, who was blacklisted earlier this year by U.S. government sanctions due to his close associations with Russian President Vladimir Putin.
Government of Russia
Rosoboronexport, Russia’s defense export agency, continues to benefit from backing by President Vladimir Putin. Speaking at a late April meeting of the Commission for Military Technical Cooperation with Foreign Countries, Putin claimed that Russia is second only to the U.S. in terms of volume of military shipments, with a 27-percent market share.
Geopolitical shifts including regime-change in Libya, the stiffening of international sanctions against Iran and violent unrest in Syria, are among the trends compelling Russian military export agency Rosoboronexport to keep looking for new clients worldwide. This is, to a large degree, one of its primary motives for exhibiting at the Farnborough International Airshow.
Last year, Russian defense export agency Rosoboronexport (Hall 1 Stand B13) achieved a new post-Soviet-period record for export of military hardware totaling $6.2 billion. Its previous record of $5.3 billion was established in 2006, a significant rise over $3 billion worth of sales in 2000.
Celebrating the fifth anniversary since its formation, Rosoboronexport has successfully promoted the sale of Russian aerospace products, valued at more than $5 billion, for the last couple of years. The company manages about 90 percent of Russian defense exports and current orders totaling some $12 billion will keep the country’s factories busy into at least 2008.