Russia became the world’s third largest military spender in 2016 despite low oil prices and economic sanctions, as the global expenditure rose for a second consecutive year, a study said on Monday.
Russia’s military spending was $69.2 billion in 2016, a 5.9 percent rise over 2015, the Stockholm International Peace Research Institute (SIPRI) said in a report, adding this was the highest proportion of its GDP since it became an independent state.
“This increased spending and heavy burden on the economy comes at a time when the Russian economy is in serious trouble due to low oil and gas prices and the …read more
Source: The News International
