Russia is now the world’s third-largest military spender after the United States and China, pushing the United Kingdom into fourth place , a study by a defense consultancy shows.

Russia is due to increase its defense spending by more than 44 percent in the next three years, from $68 billion in 2013 to $98 billion in 2016, an annual defense budget review by IHS Jane’s showed. . . .

The defense budgets of Russia and China combined will exceed total defense spending by the EU by 2015, the report said. . . .

China, already the second biggest spender on defense, will spend more than the UK, France and Germany combined by 2015, a senior IHS analyst, Fenella McGerty, said in the statement.

Image: Victory Day Parade in Moscow, May 9, 2005 (photo: Office of the President of Russia)