Posted on 06/27/2025 5:15:16 PM PDT by marcusmaximus
Vladimir Putin has announced plans to scale back military spending after Kremlin officials warned that Russia is “on the brink of recession”.
The Russian leader said he would reduce defence spending “next year and the year after, over the next three-year period” at an economic summit of five post-Soviet states in Minsk on Friday.
Responding to Nato’s plans to raise defence spending to 5 per cent of GDP, Putin said the alliance’s members would spend on “purchases from the USA and on supporting their military-industrial complex”.
“So who is preparing for some kind of aggressive actions? Us or them?” he added.
The comments came after Maxim Reshetnikov, the Russian minister of economic development, last week announced that the country is “on the brink of going into a recession”.
Elvira Nabiullina, the Russian Central Bank governor, also warned that the country’s wartime economic momentum – driven by massive state defence sector spending – was grinding to a halt.
“We grew for two years at a fairly high pace because free resources were activated,” she said. “We need to understand that many of those resources have truly been exhausted.”
Russia’s economy grew by 4.3 per cent in 2024, however, in an effort to kerb rampant inflation, interest rates were held at a staggering 21 per cent since October, before being cut marginally to 20 per cent this month as pressure eased slightly.
(Excerpt) Read more at yahoo.com ...
When Xi makes that announcement things will be better and safer.
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