Russia’s military spending is getting out of control. The Kremlin has been in the middle of an intense military build up over the last few months against the backdrop of a deteriorating economy. Even with the Kremlin’s revised budget plan in April (which assumes an average exchange rate of 61.5 rubles to the dollar), Russia is spending more on its military than it can afford to, according to Russian economist and former rector of the New Economic School in Moscow Sergei Guriev. Guriev points out that recently published budget data for the first three months of 2015 shows that …read more
Source: Business Insider
