Kalashnikov boosted production by 40% last year as the Russian army kept buying weapons to use in Ukraine

• Kalashnikov has fulfilled "the largest contracts" in its history after Russia's invasion of Ukraine.

• The company boosted production by 40% last year compared with 2021.

• Contracts with the Russian defense ministry boosted sales despite Western sanctions.

Kalashnikov posted bumper sales last year after Vladimir Putin's invasion of Ukraine led to the "largest contracts" in its history, according to a news release.

The arms-maker that makes the AK-47 and is officially called JSC Kalashnikov Concern boosted production last year by 40% in comparison with 2021 to hit a 20-year high.

Kalashnikov said it fulfilled 45 "state defence orders" for the Russian armed forces and signed 24 "military-technical cooperation agreements" in 2022.

The company also adapted its weapons to cater for the Russian army's needs. It modified the AK-12 rifle, which is used by Russian troops in Ukraine, to speed up firing and give soldiers more control over firing modes, Reuters reported.

Sales are expected to keep rising this year. Sergei Shoigu, Russia's defence minister, told the director of Kalashnikov's flagship factory in Izhevsk last month that Moscow intended to "significantly increase" orders, per Reuters.

According to its website, Kalashnikov accounts for 95% of Russia's production of machine guns, sniper rifles, pistols and other handheld firearms.

The company's president, Alan Lushnikov, previously told news agency TASS that almost 80% of revenues came from military sales, but it has also been selling more weapons outside Russia as well.

That's despite the US banning imports of Russian-made Kalashnikovs following Russia's invasion of Crimea in 2014.

The EU and UK also imposed their own sanctions against the company last year after the Ukraine assault.

Kalashnikov Concern did not immediately respond to a request for comment from Insider.

Read the original article on Business Insider