This could get interesting. On the one hand, the sort of major financial incentives - immediate sales and long term co-operation - that would make most heads of state and businessmen bite the hand off all the way down to the ankle, plus an opportunity to head towards more mature relations with the West, who after all consume more of Russia's gas than anyone else, and to keep the arms industry going for a while longer.
On the other, Russia's nuclear bosses won't be happy; Iran may suggest that some of the maniacs who've been murdering their way around Iraq/Afg could find their way to opening a new front along Russia's southern borders; there's bound to be suspicion that the Americans have had a hand in the proposal and will get access to the most sensitive kit, and snubbing Iran lets China take over as major arms supplier. With Saudi wallowing in cash and America and the UK falling over themselves to sell hardware to the Saudis would Putin ever believe that Russia could compete to a significant degree ?