"The portfolio of orders, namely contracts signed and in force, is estimated at over $5 billion, with different deadlines up to 2011," said Ivan Goncharenko, first deputy general director of Rosoboronexport.
In 2007 the share of naval equipment in Rosoboronexport's portfolio of export orders was 9% or $600 million, the official said, adding that India, China, Algeria, Vietnam and Indonesia remained key buyers of Russia's naval armaments.
India and China have purchased submarines, frigates and destroyers. Vietnam has ordered Svetlyak-class fast attack boats and frigates, while Indonesia will receive corvettes built in Russia in cooperation with Spanish firms.
Speaking about the naval orders from Venezuela, Goncharenko said Russia had not signed any contracts with Caracas to supply submarines, as some media sources had speculated.
"We discuss arms deals with many countries, but as of today Rosoboronexport has no submarine contracts signed with that country," he said.
Venezuela's vice president, Ramon Carrizales was earlier quoted as saying that the Latin American state planned to buy Amur-class diesel submarines from Russia.
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Military exercises are held in order to prevent a war rather than prepare for one. If a potential enemy knows and sees that the Russian Army is constantly improving its skills and adopting state-of-the-art combat equipment and combat support systems he will hardly risk aggression against these Armed Forces and the country they defend.