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Russian 2015 Defense Budget

Russian Finance Minister said Anton Siluanov 07 October 2014 the country could no longer afford the multi-billion-dollar revamp of the armed forces previously approved by President Vladimir Putin. Siluanov said a new defense program should be drawn up to take into account the changed economic situation as the effects of the Ukraine crisis, including sanctions and capital flight, took effect. A new defense program will be prepared now, and in its framework we want to reconsider the amount of resources that will be spent from the budget in order to make it more realistic, said Siluanov, even though Deputy Prime Minister Dmitry Rogozin, in charge of the sector, had ruled out any cuts in military spending.

Between 2004 and 2014, Russia doubled its military spending and according to the newly adopted budget, it will further increase it from 17.6 percent of all budget spending this year to 20.8 percent, or 3.36 trillion rubles ($84.19 billion), in 2017. Defense spending was foreseen at 23 trillion rubles ($576 billion) in the decade to 2020 under the original plan to upgrade 70 percent of military equipment by then.

According to an April 2016 study by experts from the Stockholm International Peace Research Institute (SIPRI), Russian defense spending had fallen and the country no longer ranked as one of the worlds top three military spenders, having been overtaken by Saudi Arabia. In 2015, Russia increased its defense spending in rubles by 7.5 percent. However, the falling oil prices and the national currencys collapse against the dollar have squeezed Moscow out of the top three slots on the SIPRI rating of military spenders: the Stockholm institute calculates defense spending in dollars.

According to SIPRI, in 2015 Russia increased its defense spending by 7.5 percent and the Defense Ministrys budget reached $66.4 billion. The worlds biggest military spender, according to SIPRI, is the United States, which spent $596 billion on defense in 2015. It was followed by China, with $215 billion, and Saudi Arabia, with $84.2 billion.

Percentage-wise, Russia is one of the world leaders in terms of the share of GDP spent on defense. For instance, the United States defense spending makes up 3.5 percent of its GDP, with Chinas reaching some 2.1 percent, whereas Russias amounts to 4.5 percent of its GDP. The Russian figure is the worlds largest after Saudi Arabia and the UAE, which spend 10.4 and 5.1 percent of their GDP respectively on arms.




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Page last modified: 07-05-2018 12:10:03 ZULU