March 7, 2016
Russia Says it Will Cut Defense Budget by 5 Percent
By Sputnik and Reuters
The 2016 military spending in the country was expected to amount to 3.14 trillion rubles ($43.6 billion at the current exchange rate) or 4 percent of GDP....
In 2015, the Russian military budget was reduced by nearly 4 percent.
From Reuters: The 5 percent cut, if approved by Putin, would be the biggest reduction in defense spending since he took office in 2000....
The cut represents a victory for the finance ministry, which has said Russia can no longer afford the multi-billion-dollar revamp of the armed forces and called for a 10 percent spending reduction across ministries.
The Russian economy shrank by 3.7 percent last year and is expected to decline by another 1 percent this year.