PM Vladimir Putin stated that Russia provided an “unprecedented” $33.8 billion worth of aid to its defence industry in 2009. The aid, in the form of low interest loans, guarantees, and direct subsidies, has helped the industry grow at 3.8 per cent in 2009. Russia has an ambitious modernisation plan of equipping its armed forces with nearly 70-80 per cent of ‘modern and promising’ equipment by 2020.1

• 1. ‘Russian Defense Funding Level Unprecedented: Putin’, Defense News, November 18, 2009, at http://www.defensenews.com/story.php?i=4383446&c=EUR&s=TOP