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Monday, February 14, 2011

Moscow’s Armada

Project 955 Borey nuclear-powered strategic submarineWhile much of Europe slashes spending to reduce deficits, surging oil prices are allowing Russia to splurge.

The Kremlin’s choice of stimulus package is a bit of a throwback, though—among other things, a new fleet of warships to challenge China.

Last week Prime Minister Vladimir Putin announced a whopping $678 billion package of new defense spending for the next decade, with a quarter of the money going to revamp Russia’s Pacific fleet.

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