The Russian arms trade provides a useful case study of the intersection between business interests, state interests, Russian foreign relations, and the level of conflict and cooperation along Russia’s borders and elsewhere in the world. This chapter lays out the overall situation in the Russian arms industry since the collapse of the Soviet Union, including the ownership structure of the major arms producers. It then examines state and business interests, highlighting where these intersect or come into conflict. Finally, it examines the potential for conflict and cooperation by investigating whether Russian arms dealers take into account who their customers are and how they might use the weapons they buy.