Russia cuts military spending in three years – the document

The Ministry of Finance of the Russian Federation planned decline in spending on the state armament program by 5%. About it it is spoken in published on July 20, the method of calculation of the maximum baseline budget appropriations of the Ministry for the next three years.

“Decrease of 5% of the budget appropriations of the Federal budget for implementation of the state armament program for optimizing (reducing) the base budget allocations in the years 2021-2023”, – stated in the document of the Ministry of Finance.

According to the Ministry, budget cuts in defense spending is intended to ensure that in the next three years to a balanced Federal budget, which is due to pandemic COVID-19 and a collapse in oil prices will have a deficit.

As a result of such budget cuts, the military industry will lose more than 225 billion. The document States that the calculation is made after the meeting on 7 July, Prime Minister Mikhail Mishustin.

The total reduction in the allocation of money from the Russian budget in 2021 would amount to 1,428 trillion rubles. In 2022 the reduction of the expenditure budget is estimated at 1,892 trillion rubles, and in 2023 – at 1,364 trillion roubles.

In 2019, Russia was fourth in the world ranking of military spending. Russia has increased them by 4.5%, to $65,1 billion.

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