Report: Official says Russia to reduce defense order spending 10% ‘16

MOSCOW, Mar 11 (PRIME) -- The Russian government plans to cut defense order spending, including on equipment purchases by 10% in 2016, CEO of state industrial corporation Rostec Sergei Chemezov told The Wall Street Journal in an interview published on Friday.

“I think government defense orders will be reduced by about 10%,” Chemezov said. “Everything that has been started will be finished, and money will be allocated for it. We probably won’t release anything new for now. That will probably be put on hold.”

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