Putin's Arms Bazaar Is in a Serious Sales Slump

Russian President Vladimir Putin is mighty proud of his military's performance in Syria. And, as I have written, it's become a central part of a sales pitch: "You can't miss this opportunity to strengthen our position in the global arms market," he told a meeting of Russian defense companies this week. He added that there was unprecedented desire for buying Russian munitions "thanks to the effective use of our weapons in real combat conditions including in anti-terrorist operations in Syria."

But while Putin talks a proud game, it's hard not hear a tinge of desperation here. That's because, after years of phenomenal growth, the exports of Russian-made arms have stagnated. And it couldn't have come at a worse time, with oil prices devastating the economy in the midst of a massive military buildup dependent in large part on those foreign sales.