Vladimir Putin said that Russia will reduce defense spending in the next three years to 2.7-2.8 percent of GDP.

Russia will reduce defense spending in the next three years to 2.7-2.8 percent of GDP, President Vladimir Putin said, according to Sputnik International.

"There is an understanding that an effectively functioning economy is a priority for the state. Therefore, the army must be compact, but modern and effective. But we are already spending quite a lot. These expenses reached more than three percent [of GDP] last year," Putin told US filmmaker Oliver Stone in a third part of the interview broadcast by the Showtime television network.

"It will return gradually to 2.7-2.8 percent of GDP in the next three years," Putin stressed.

News.Az