September 16, 2008 / 1:21 PM / in 10 years

Russia defence spending to grow 27 percent in '09: Putin

Russia's Prime Minister Vladimir Putin gestures during an interview broadcast by German television station ARD in Sochi in this August 29, 2008 file photo. REUTERS/RIA-Novosti/Pool

MOSCOW (Reuters) - Russia’s defence spending will grow by 27 percent in 2009, Interfax news agency quoted Prime Minister Vladimir Putin as saying on Tuesday.

“Nearly 2.4 trillion roubles ($94.12 billion) will be allocated for the needs of national defence and security (in 2009),” Interfax quoted Putin as saying. “This is an increase of 27 percent.”

In a brief war last month, Russia crushed an attempt by pro-Western neighbor Georgia to retake South Ossetia, a breakaway region closely tied to Moscow.

President Dmitry Medvedev and Putin have said the military operation, condemned by the West as disproportionate, has shown the armed forces needed a major modernization of their weapons and hardware.

Putin made his announcement on the day when Russian stocks plunged more than 10 percent to two-year lows, driven by turmoil on international markets and domestic concerns including the war in Georgia.

Writing by Oleg Shchedrov; Editing by Christian Lowe

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below