11:09 GMT +3 hours24 November 2014
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Russia

Russian military spending to top $30 bln in 2012

Russia
(updated 18:27 28.10.2014)
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Over 1 trillion rubles ($30 billion) will be spent on the provision of arms and military equipment to the Russian Armed Forces next year, Deputy Prime Minister Sergei Ivanov said on Thursday.

Over 1 trillion rubles ($30 billion) will be spent on the provision of arms and military equipment to the Russian Armed Forces next year, Deputy Prime Minister Sergei Ivanov said on Thursday.

That is 17% up on the previous year, he said.

A total of 4 trillion rubles will be earmarked for these purposes over the next three years, Ivanov said.

Some 60% of the funding under government defense contracts will be spent on the procurement of advanced weaponry.

Such funding levels are quite significant, Ivanov said, adding that “it is inappropriate” to suggest that funding for defense and security programs is “insufficient.”

It is of paramount importance now to ensure that these funds are put “to good use,” Ivanov said.