Global arms sales have skyrocketed in the last five years, reaching their highest level since the Cold War in sales to the Middle East, according to a report by the Stockholm International Peace Research Institute.

It says the volume of international weapons transfers has “grown continuously since 2004 and increased by 8.4% between 2007-11 and 2012-2016,” with the flow of arms to the Middle East, Asia and Oceania spiking in part due to conflicts raging in the Middle East and tensions in the South China Sea.

The five biggest exporters – the US, Russia, China, France and Germany – accounted for 74 percent of the total volume of arms exports.

France and Germany accounted for 6% and 5.6% respectively. But the report stated the low rate of French arms exports would likely end due to a series of major defense contracts signed in the past five years. Russia is reported to have accounted for 23% of global exports between 2012–16, with 70% of its arms exports going to four countries: India, Vietnam, China and Algeria. Read full report