MOSCOW, June 16 (RIA Novosti) - All contracts with foreign partners to supply high-precision weapons remain in force, despite the anti-Russian sanctions, CEO of Russian arms manufacturing company said.
"The vast majority of our foreign contractors did not support the efforts of the US and Europe to escalate tensions in the interstate relations with Russia. All our contracts are still in place," High-Precision Systems CEO Alexander Denisov said.
The events in Ukraine have complicated the work of enterprises as a whole, including the domestic military-industrial complex, Denisov said.
"However, we are stabilizing the situation due to import substitution, certain change of format of the cooperation between suppliers of component products. Sanctions will not affect us the way their ideologists hoped for. Rather, the effect will be reverse," the CEO assured.
The High-Precision Systems holding manufactures a wide range of weapons, from Stechkin revolvers and Pantsir-S1 anti-aircraft artillery weapon systems to automated control features and T-90 battle tanks crew simulators. The company supplies its products to dozens of countries, particularly to Latin America, Asia, the Middle East and the Commonwealth of Independent States (CIS).
On March 20th, following Crimea’s referendum to rejoin the Russian Federation, the US and Europe began levying sanctions on individuals tied to President Vladimir Putin, including asset freezes, visa bans, and other travel restrictions.
In addition, the G7 countries have threatened to impose sanctions against several sectors of Russian economy in the event of an escalation of the Ukrainian crisis.
