Moscow, May 26 (IANS): Russian President Vladimir Putin on Monday urged the country's defence industry to expand military-technical cooperation with others in order to find more clients among Moscow's allies and strategic partners.

"To win new clients, the Russian defence industry should swiftly react to the ever-changing market environment...and develop military-technical ties with all of our allies and strategic partners," Putin said at a meeting on military cooperation with foreign countries.

Russian arms are globally known for their reliability and high efficiency, he said, adding that this is why Russia faces "increasing attempts" to undermine its position on the global arms market.

Speaking of the global influence of Russia's defence industry, Putin said many Ukrainian defence companies have been on the brink of bankruptcy since Kiev severed some of its military connections with Moscow.

Russia is currently the world's second largest arms supplier only after the US. Its arms exports exceeded $15.5 billion in 2014, with military equipment sold to 62 countries.