Russia Arms Giant to Switch to Euro


Russia's state arms exporter will move to price its weapons in euros after the recent fall in the dollar, Itar-Tass news agency reported on Wednesday, citing the firm's head.

Rosoboronexport chief Sergei Chemezov, a close ally of President Vladimir Putin, said the fall of the dollar meant euros would be used for long-term contracts, Tass reported.

Russia is the world's second largest arms exporter, after the United States. Defence officials estimate this year's weapons exports will grow to $7.5 billion.

The U.S. dollar hit a record low against the euro on Wednesday. The euro climbed to $1.4163 on electronic trading in early Tokyo trade.

A spokeswoman for Rosoboronexport declined to comment on the report.