: :inin Kyiv (EET)

Wracked by American Sanctions, Russia Cuts Defense Spending


For the first time since 2014, Russia will spend more on resuscitating its economy than on funding its military as it suffers an economic nosedive precipitated by Western sanctions, the Financial Times reported Monday.
Russia’s recently announced budget will cut defense spending by 5 percent and boost spending on social programs by 10 percent. Moscow will also replace its flat income tax with a progressive tax rate.

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Source:: The Washington Free Beacon

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