According to the institute's report, Russia is second only to the United States by the arms sales volume, occupying 27 percent of the global weaponry market, Xinhua said. The US share is 29 percent.
Germany came third with seven percent, the report said, adding that Russian arms export has been increasing, despite economic difficulties in its military-industrial sector.
"Russia has maintained high levels of arms exports, despite the crisis in its arms industry in the post-Cold War period," the report's authors said.
In particular, Russia has supplied 75 percent of all arms imported by India in the past five years, the document said. Last November, Russia has handed over a refurbished aircraft carrier Vikramaditya to the Indian Navy.
Last April, Russian President Vladimir Putin said that the country had become a global leader in arms trade with its export in 2012 reaching a record $15.2 billion.
Russian-made weapons are supplied to 66 countries, and Moscow has military-technical cooperation agreements with 85 countries.
The Stockholm International Peace Research Institute is an independent think tank for research on conflicts, weapons, arms control and disarmament.