Russia to triple spending on arms to RUB 20tn by 2020.

By bne IntelliNews December 15, 2010
PM Vladimir Putin presented a detailed plan of RUB 20tn (USD 647bn) worth re-arming program of Russian military in 2011-2020 announced earlier this month. Putin admitted that the amount of funding was indeed impressive (tripling vs. current funding for arming of military forces), but argued that RUB 20tn is based on precise and justified estimates by the Ministry of Defence. The program includes acquiring 1,300 items of military equipment, including modernisation of 220 current items. To remind, this week FinMin Alexei Kudrin continued his critic of oil-revenues driven budget by blaming PM Vladimir Putin and president Dmitry Medvedev for supporting massive social and military spending given the governments goal to reach balanced budget by 2015.

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