Putin announces military spending cuts but insists it will NOT weaken Russian army

‘In a meeting with United Russia ruling party faction leader Vladimir Vasilyev, Putin said: “I want to remind you that significant budget savings for the next year are stipulated, by the way, due to a cut in defence spending.
“This is not connected with the reduction of our plans to refit the army and navy. We will execute the state defence order and will make a new program.”
In July Prime Minister Dmitry Medvedev held a meeting on budget defence spending for the next three years.
The budget is being formed to complete the state programme of armament until 2020.’
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