Article Posted on : - Jun 26, 2013

A file photo.

MOSCOW (BNS): The Russian Defence Ministry has signed USD 23 billion worth military contracts as part of its weapon procurement programme for 2013.

According to a news report by RIA Novosti, the defence spending this year crosses 1 trillion rubles which is more than 40 percent on 2012.

Russia will be spending USD 641 billion for comprehensive rearmament of Russia's armed forces up to 2020. The country will also upgrade 11 percent of military equipment annually and modern weaponary upgrade in the inventory will rise to 70 percent by 2020, the news report added.