A helicopter on display at a Russian arms fair in Nizhny Tagil in July (ITAR-TASS)
November 21, 2006 -- A top defense official says Russia will increase its military spending by 30 percent in 2007, to 735 billion rubles ($27.5 billion).
Vyacheslav Putilin, deputy head of the military-industrial commission -- which oversees all state arms purchases -- made the announcement on November 20, according to Interfax.
Russian Arms Exports
Russia's advanced S-300 air-defense system (epa file photo)
BOOM TIMES: In 2005, Russia sold more than $6 billion in weapons to more than 60 countries around the world. The state arms exporter says it has $17 billion in orders in hand....(more)