Putin will spend $550 billion on army modernization

The president of the Russian Federation will allocated a record amount for army modernization.

The president of the Russian Federation Vladimir Putin is ready to allocate 20 trillion roubles (over 550 billion dollars) for financing the Russian army. He claimed that yesterday in Yalta during a meeting with the members of the State Duma and Russian government, TV Rain reports.

“We need good arms. I am ready to allocate 20 trillion roubles for that”, - Putin mentioned.

“This is not militarization. This is a good impulse for developing the military branch”, - the president of the Russian Federation said.

Apart from that Putin supported the suggestions of Russian parliament members to create a separate military group in Crimea. “I have already approved this program”, - he said in Yalta at a meeting with parliament fractions members.

As it was reported earlier, yesterday in Yalta the Russian president communicated with Russian parliament members and Cabinet of Ministers officials.

Photo: AFP