Russia boosts military spending despite sanctions: study

Russia became the world's third largest military spender in 2016 despite low oil prices and economic sanctions, as the global expenditure rose for a second consecutive year, a study said on Monday. Russia's military spending was $69.2 billion (around 64 billion euros) in 2016, a 5.9 percent rise over 2015, the Stockholm International Peace Research Institute (SIPRI) said in a report, adding this was the highest proportion of its GDP since it became an independent state. "This increased spending and heavy burden on the economy comes at a time when the Russian economy is in serious trouble due to low oil and gas prices and the economic sanctions imposed since 2014," (by the West over the Ukraine conflict), SIPRI said.