Russia’s arms exports may reach a record $14 billion in 2012, a Russian think-tank said on Friday.

Russia’s state arms exporter Rosoboronexport sold $10.7 billion worth of weaponry in 2011 under contracts with 57 countries, but this number could be readjusted to $12 bln with the addition of direct sales of spare parts by Russian arms producers.

“We are expecting Russian arms exports to surpass $14 billion in 2012,” the Center for the Analysis of Strategies and Technologies (CAST) said in a report.

“Considering the current foreign orders portfolio, which is worth $41.5 billion, Russia may maintain this level of arms exports for at least three years,” the report said.

The Moscow-based CAST is an independent, private defense industrial and foreign policy think-tank with close ties to both Rosoboronexport and senior Kremlin officials.

According to the CAST report, Russia will deliver about 50 Su-family fighters to India, Vietnam, Algeria, Indonesia and Uganda.

In addition, Russia will supply India with 10 MiG-29K naval fighters and modernize 10 MiG-29s in service with the Indian Air Force to MiG-29UPG level. Myanmar will receive 14 MiG-29 of various modifications.

Russia may also start the deliveries of 24 MiG-29M2 fighters to Syria under a 2007 contract.

Russia will deliver Pantsir-S1E air defense systems to Algeria and the United Arab Emirates, Buk-M2E air defense systems to Syria, and Tor-M2E systems to Belarus.

Venezuela will receive Russian T-72 tanks, BMP-3 infantry fighting vehicles and BTR-80A armored personnel carriers.

Major deliveries of naval equipment to India will be carried out in 2012.

Russia is expected to hand over the long-awaited Vikramaditya aircraft carrier (former Admiral Gorshkov), and deliver two Talwar class frigates and a modernized Kilo class diesel electric submarine to the Indian Navy.