Russian arms sales hit $14B

MOSCOW, Dec. 17 (UPI) -- Russian arms sales will exceed $14 billion in 2012, more than $500 million over its forecast, Russian President Vladimir Putin said.

The total puts Russia second among nations in arms sales, behind the United States, which reported $34.8 billion in weapons revenue last year, RIA Novosti reported Monday.

Russia's best customer is India, followed by Vietnam, Myanmar, Venezuela and several Middle Eastern countries, the news agency said.

In addition to the $14 billion in sales, Putin told ministers with the Russian Federal Service for Military and Technical Cooperation the country has secured another $15 billion in future contracts.