Boeing will sign $3 billion worth of contracts in Russia in the next five years, increasing its consumption of titanium and investing into engineering services, a visiting senior executive of the company said in Moscow on Monday.

The statement came as Boeing and its rival Airbus seek to gain pole position in the contest for new orders from Russian airlines and cooperation with the country's aviation industry.

"Boeing has done more than $2.5 billion worth of business in Russia in the last five years and looks forward to doing $3 billion in the next five years," Boeing senior vice president for airplane programs Michael Cave said at a briefing.

Much of that money, Cave said, will be Boeing's investment "in the capability of the Russian aerospace industry" that Russia can further use to its own advantage.

Full Story