Russian Navy To Spend $130 Billion On Complete Modernization

Russian President Vladimir Putin has announced that the Russian Navy will receive $130 billion to complete modernization before 2020.

Putin said that "modernization of the Navy is a major priority" and added that "the state armament program for the period until 2020 assigns more than 4 trillion rubles for the formation of balanced groups of warships and submarines”.

The announcement comes just days after the Russian Navy’s first Borei-class ballistic missile nuclear submarine, Yuri Dolgoruky, entered into service.

In addition to eight Borei-class strategic submarines, the Russian Navy will also receiveeight Yasen-class multirole nuclear submarines before 2020, the Interfax news agency quoted Putin as saying.

"We will also build multirole diesel submarines," the president added.