Syria Buying Russian Weapons With American Dollars
Source : Our Bureau ~ Dated : Tuesday, August 6, 2013 @ 10:50 AM
Views : 1565 A- A A+

Russia reportedly delivered multiple weapons systems including the S-300 air-missile system (above).

The Syrian government has a new problem on its hands, besides its on-going two year long conflict with homegrown rebel forces, a debilitating currency is threatening to create financial crisis.

Taking advantage of the falling Syrian pound, Russia has taken to expecting hard currency for defense purchases. A source from Rosoboronexport, the state-owned Russian arms exporter told that all arms transfer are on hard currency (US dollars or Euros). The Syrian government prefers U.S. dollars so that is our choice too, he added.

Anatoly Isaikin, head of Rosoboronexport, had said in February that Russian will continue delivering weapons, including light attack jets, to Syrian despite the civil war. "We are continuing to fulfil our obligations on contracts for the delivery of military hardware," he was quoted as saying by the Interfax news agency. He also denied allegations that Russia was planning to supply advanced MiG29-M fighters to Damascus but confirmed it had a deal outstanding for Yak-130 light attack jets.

Russia, this year, drew criticism for delivering repaired attack helicopters to the regime but insist that the sales are legitimate because Syria's armed opposition has received both covert and open financial and military support from some Arab world governments. Deliveries from Moscow reportedly include the S-300 air missile system, AK-7s, mortar rounds, grenade launchers and ammunition.

In 2008, Syria ordered MiG29SMT fighters, Yak-130 aircraft, Iskander tactical missile systems, Pantsir air-defense system and two Amur-1650 submarines from Russia. In 2011, the Russian-Syrian arms deal was reportedly worth atleast $4 billion. According to the New York Times, from 2000-2010 Syria purchased weapons worth $1.5 billion thus becoming Moscow’s seventh-largest client.

The Syrian pound to fell to a whopping 315 against the dollar on the black market last month compared with 47 pounds to a dollar two years ago. The official exchange rate, currently 105 pounds to the dollar, is generally ignored by currency traders, according to the Washington Post.

It is not known how much money actually got transferred to Moscow from Syria for arms purchases.

The U.S. dollar has become the defacto currency in Syria with everyone from taxi drivers to groceries preferring the greenback to the Syrian pound. Alarmed at the loss of confidence in the official currency, a new law is likely to impose a three year sentence for exchanging money without a licence, while exporting food items overseas has been deemed illegal, the report added.

Syrian President, Bashar al-Assad, said earlier in March, “Russia is committed with Syria in implementing these contracts.

No Comments
Add Comments
Name :
Email :
Comment :

Techaya To Improve Battlefield Communications Applications

Tsahi (Zak) Sucher, Business Development at Techaya talks about the company’s primary customers, its communication solutions for ground, air and naval applications as well as its latest R&D innovations..

Aerostats Gaining Over Aircraft For Maritime Surveillance: TCOM President

TCOM President Ron Bendlin talks about the burgeoning aerostat market, its defense surveillance capabilities and the competitive advantage it has over surveillance aircraft.

IMDEX 2015 To Focus On Submarine Safety And Naval Engineering

In an interview with, Leck Chet Lam, Managing Director of Experia Events talks about the upcoming IMDEX 2015 and the return of two strategic conferences – the International Maritime Security Conference (IMSC) and the Asian edition of the prestigious International Naval Engineering Conference (INEC@IMDEX Asia).

Apptricity To Extend Capabilities Farther Into Mobile And Tablet Technology

In an interview with, Apptricity Founder and CEO Tim Garcia talks about the company's mobile enterprise applications and the commercial off-the-shelf software (COTS) solutions that deliver both leading-edge enterprise application technology as well as best practices configuration, which complement, extend or replace legacy systems..

Forecasters Identify Market For Over 600 Hybrid Air Vehicles Worldwide In 20 years: HAV

In an interview with, Tom Grundy, Defence Business Development Lead for Hybrid Air Vehicles (HAV) talks about market forecasts for HAVs, its capabilities, various applications and how the company plans to tackle technical failure and budget issues.

Demilitarization: A Growing Business Opportunity

Unexploded mines, ordnance and hidden caches of weapons are one of the most terrifying relics leftover at the end of conflicts and wars.

India's USD 1 Billion Relationship With Israel

Since becoming the single largest defence customer accounting for almost half of the Israeli military sales worldwide, the Indo-Israel relationship has become crucial to both countries, since India has increased its dependency on Israel for sensitive high tech cooperation..

Sustained Defense Procurement Foreseen In Indonesia

Ever since the US lifted a six year arms embargo against Indonesia following a political settlement in the Aceh province ending years of repressive rule and human rights abuse, Jakarta has become the most sought-after country in South East Asia for arms sales.

Sustained Defense Procurement Foreseen In Indonesia

The report details equipment ordered over the last five years, equipment inducted and follow on orders.

UAE Infantry Fighting Vehicles

Over the last two decades, the UAE has been steadily developing its armed forces with large purchases of infantry combat vehicles.