Since 2009, Russia's increase in defense spending and large military modernization program has revived its defense industrial complex. By all appearances, the Russian defense industry is back, producing planes, ships, and a host of new weapon systems for a revamped military. Yet future budget cuts, sanctions, growing competition on the international market, and its own inefficiency and corruption are likely to limit the defense industry’s capacity to deliver on promises. Will Russia be able to overcome these challenges to fulfill its ambitious defense plans? How will the defense sector fare in these hard times for Russia's economy? Ruslan Pukhov and Keith Crane will discuss what the future might hold for Russia's defense industry.