STOCKHOLM: Russia's military spending fell sharply in 2017 for the first time since 1998 as a slew of Western economic sanctions hit government coffers hard, a closely followed review said Wednesday. The last time Moscow was forced to cut spending was in 1998 at the height of a massive economic crisis. - 'Cause of serious concern'-All 29 NATO allies, meanwhile, spent $900 billion on the military in 2017, which accounts for 52 percent of total world spending, SIPRI said. The independent institute said world military expenditure reached the highest level since the end of the Cold War at $1.739 trillion in 2017. "Continuing high world military expenditure is a cause of serious concern," SIPRI chair Jan Eliasson said in a statement.

Source: Bangkok Post May 02, 2018 00:22 UTC