Russia Says it Will Cut Defense Budget by 5 Percent

Russian military jets, May 9, 2010From Sputnik:  The Russian Defense Ministry’s budget cuts will amount to 5 percent instead of the previously reported 10 percent and will not affect the state armament and social programs, Deputy Defense Minister Tatiana Shevtsova said on Saturday.

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.

Image: Russian military jets, May 9, 2010 (photo: Dmitry Terekhov)