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Russia To Spend More Than $16 Billion On Arms Industry

Russia will spend around 1.1 trillion rubles ($16.7 billion) on its military manufacturing sector in the 2016-2020 period.

According to TASS, Russian Deputy Prime Minister Dmitry Rogozin made the remark during a meeting attended by Prime Minister Dmitry Medvedev on May 30.

Medvedev told his deputies that Russia was currently the second-largest arms exporter in the world and it should retain this position.

The Russian military suffered years of neglect after the Soviet collapse, but in recent years has undergone a major overhaul.

Based on reporting by Interfax, TASS, and Reuters