Military spending in Russia, whose economy President Vladimir Putin has put on a war footing, now outstrips all of Europe’s defence budgets combined, according to a study.
Total Russian defence spending soared last year by 42 per cent in real terms to Rbs13.1tn. That is equivalent to $462bn on the basis of purchasing power parity, which adjusts for what currencies can buy in their home countries.
European defence budgets by comparison, including the UK and EU member states, rose by almost 12 per last year to $457bn — slightly less than Moscow’s spending, the International Institute for Strategic Studies think-tank said on Wednesday.
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