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Russia To Spend Record Amount On Defense In 2015

Russia will allot some 3.3 trillion rubles (about $80 billion) from the state budget for defense spending in 2015, according to the chairman of the defense committee in the State Duma, the lower house of parliament.

Vladimir Komoyedov told Russian news agency Interfax on October 16 defense spending for next year would be some $20 billion more than this year, but he added that his committee foresees slight reductions in spending for 2016 and 2017.

Komoyedov said the amount to be spent on defense in 2015 was some 4.2% of Russia's GDP.

Finance Minister Anton Siluanov said on October 7 that Russia's defense spending plans needed to be "more realistic" in light of international sanctions imposed on Russia over its actions in Ukraine.

A three-year draft budget reportedly calls for a 5.3 percent cut in defense spending in 2016, the first reduction since 1998.

Based on reporting by Interfax and FT