20:45 GMT +324 September 2017
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    Russia to Cut 2016 Military Spending By 5%

    TOF Press Service
    Russia
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    The Russian military budget will be reduced in 2016 by 5 percent due to the economic situation in the country, the local Vedomosti newspaper reported citing a source close to the Defense Ministry.

    MOSCOW (Sputnik) The 2016 military spending in the country was expected to amount to 3.14 trillion rubles (over $41 billion at the current exchange rate) or 4 percent of GDP. A 5-percent cut amounts to some 160 billion rubles.

    The Russian economy, highly dependent on energy exports, is experiencing a slowdown caused by a sharp decline in global oil prices and, to a lesser extent, by Western sanctions imposed on Moscow over its alleged role in the internal Ukrainian conflict — a claim the Kremlin has repeatedly denied.

    In 2015, Russian military budget were reduced by almost 4 percent.

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    GDP, defense budget, Russia
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