Russian President Vladimir Putin has unveiled a $100 billion investment plan to modernize the country’s navy over the next decade. The announcement was made during a meeting in St. Petersburg, with footage shared on the Kremlin’s Telegram page.
The ambitious plan comes as Russia’s military faces significant challenges in the Black Sea, where Ukrainian drone attacks have reportedly damaged about one-third of the Russian fleet since the conflict began in February 2022. Despite these setbacks, Putin emphasized the progress made in recent years, noting that 49 ships have been constructed over the past five years.
Speaking to state-run news agency TASS, Putin stated, “I would like to note that in the coming decade, 8 trillion 400 billion rubles have been allocated for the construction of new ships and vessels of the Russian Navy. These funds must be taken into account when shaping the state armament program.”
However, the Russian president did not provide specific details on how the funds would be allocated across various military projects. The announcement underscores Russia’s commitment to strengthening its naval capabilities, even as it grapples with the ongoing conflict in Ukraine and its associated challenges.
