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Russia estimates USD 430bn for 9 year armaments program


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MOSCOW (PTI): The Russian programme of armaments for 2011-2020 is estimated at USD 430 billion, a source in the military-industrial commission has said.

"The amount includes purchases of armaments and hardware, new design and other needs of the army," the source said on Thursday, adding that the finance ministry and the economic development ministry do not object the requested amount of financing.

Russian Prime Minister Vladimir Putin had earlier said the national armed forces shall have not less that 30 per cent of modern armaments by 2015 and not less than 70 per cent by 2020.

He also said the government should rationally earmark the necessary funds.

Russian Deputy Defence Minister Vladimir Popovkin said the new armaments program is likely to be submitted to the national Security Council in June.

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