Putin unveils massive investment for his army

Vladimir Putin has confirmed plans to modernize Russia’s navy with a $100 billion investment.

During a meeting in St. Petersburg—some footage of which was shared on the Kremlin’s Telegram page—the Russian president announced that approximately $100 billion would be allocated to naval development over the next decade.

After more than three years of conflict in Ukraine, Russia’s military has suffered significant losses in the Black Sea, following numerous Ukrainian drone attacks. Kyiv estimates that about one-third of the Russian fleet has been damaged since the war began in February 2022.

During the meeting, Putin highlighted that 49 ships had been built over the past five years.

Quoted by the state-run news agency TASS, Putin said: "I would like to note that in the coming decade, 8 trillion 400 billion rubles have been allocated for the construction of new ships and vessels of the Russian Navy. These funds must be taken into account when shaping the state armament program."

However, the Russian president did not provide any breakdown of how the funds would be distributed across specific military projects.

(QG - Source: Newsweek  - Picture : © Unsplash)