Russia to Cut 2016 Military Spending By 5%
11:11 19.02.2016(updated 11:18 19.02.2016)
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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