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Russia to spend $700 bln on new weapons

March 19, 2011 Comments off

(AP)

MOSCOW (AP) — President Dmitry Medvedev said Friday that Russia will spend the equivalent of $700 billion by 2020 to modernize the military’s aging arsenals, but sternly warned arms industries against jacking up prices.

Medvedev said the new plan should re-equip the armed forces, which have mostly relied on Soviet-built weapons, but some analysts say that the ambitious program that envisages procurement of 600 new warplanes, 100 ships and 1,000 helicopters is unfeasible because of a steady decline of the nation’s once-proud arms industry.

Medvedev, speaking at a meeting with the top military brass, harshly criticized domestic arms makers for failing to meet Russia’s weapons orders last year and said that the culprits will be punished.

Medvedev didn’t give details, but deputy prime minister Sergei Ivanov said Read more…