13:42 GMT +315 December 2019
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    Russia to Cut Defense Spending to 2.7-2.8% of GDP

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    Vladimir Putin said that Russia will reduce defense spending in the next three years to 2.7-2.8 percent of GDP.

    WASHINGTON (Sputnik) — Russia will reduce defense spending in the next three years to 2.7-2.8 percent of GDP, President Vladimir Putin said.

    "There is an understanding that an effectively functioning economy is a priority for the state. Therefore, the army must be compact, but modern and effective. But we are already spending quite a lot. These expenses reached more than three percent [of GDP] last year," Putin told US filmmaker Oliver Stone in a third part of the interview broadcast by the Showtime television network.

    "It will return gradually to 2.7-2.8 percent of GDP in the next three years," Putin stressed.


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