Russia and the Commonwealth of Independent States (CIS) are expected to spend $140 billion for 1,170 new passenger jets over the next two decades, US aerospace giant Boeing said in a press release on Monday.

Boeing’s Russia and CIS Division President Sergei Kravchenko noted that Boeing is prepared to meet the surge in demand, especially as Russia and its neighbors seek fuel efficient replacements for older Russian-built jets.

"Russia and CIS region continues to have a strong commercial aerospace market," he said.

International traffic is expected to grow at an annual rate of 4.8 percent and Boeing predicted sales of 810 single-aisle and 170 wide body airplanes in the Russian region to handle the increase.