Russia announces $30 billion military budget for 2012 a 17% increase

WireNews:  MOSCOW, RUSSIA (BNO NEWS) -- The Russian government on Thursday announced it has established a military budget of 1 trillion rubles ($30 billion) for 2012, local media reported.

Russian Deputy Prime Minister Sergei Ivanov said the Russian Armed Forces will use the increased budget, which represents a 17 percent increase compared to the current year, for arms provisions and military equipment, the RIA Novosti news agency reported.

In addition, Ivanov said that over the next three years, Russia will be releasing a total of 4 trillion rubles ($120 billion) for military purposes, underlining the importance of ensuring that the funds are put to good use.

With the announcement, Ivanov stressed that it is 'inappropriate' to consider the country's defense and security programs funding as insufficient. The Deputy Prime Minister also explained that around 60 percent of the funds will be used on the procurement of advanced weaponry.

In September, Russian President Dmitry Medvedev emphasized the importance of high national defense and security expenditures due to the country's vast size, as well as its permanent membership of the United Nations Security Council.