Russia plans to gradually reduce spending on defense and the military-industrial complex
Russia's defense budget will be gradually reduced, as most of the work on renewing the material base of the armed forces has been completed, - said Dmitry Peskov, Press Secretary of the President of Russia.
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"The president has repeatedly said that the share of spending on defense and the military-industrial complex has reached its peak, most of the process of renewing the material base of the Russian armed forces has been completed and now it will be time for a phased reduction in the percentage of total spending appropriate to the general budget," Peskov said in response to a question about reducing the defense budget to below 3% of GDP.
Last December, President Vladimir Putin said that Russia would not be drawn into an arms race. As the president noted at the time, in 2018, the ratio of defense spending to GDP would be around 2.85% and then continue to decline.
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