Russian President Vladimir Putin on Monday endorsed a proposal by US President Donald Trump for Russia, the United States, and China to cut their defence budgets by 50%.
“I think it’s a good idea. The US would cut by 50%, we would cut by 50%, and then China could join if it wanted,” Putin said during a televised interview.
Trump had earlier floated the idea of a trilateral meeting with the leaders of Russia and China.
“One of the first meetings I want to have is with President Xi of China, President Putin of Russia,” Trump said on February 13. “And I want to say: ‘Let’s cut our military budget in half.’ And we can do that. And I think we’ll be able to do it.”
The United States remains the world’s largest military spender, followed by China. Meanwhile, Russia has significantly increased its defence budget since launching its military offensive in Ukraine in 2022. While this surge in spending has driven economic growth, it has also fuelled inflation.
Putin previously stated that Russia’s defence and security spending for 2024 would amount to approximately 8.7% of the country’s GDP. On Monday, he emphasized that while he could not speak for China, Russia was open to negotiations with the US on reducing military expenditures.
“We think it’s a good proposal and we are ready for a discussion about this,” he concluded.
Putin Proposes US-Russia Cooperation on Rare Earth Mining
In addition to defence budget cuts, Putin also suggested joint exploration of rare earth mineral deposits with the United States, including those in Russian-occupied regions of Ukraine.
Russia, he noted, possesses some of the world’s largest rare earth reserves, located in the country’s Far North, the Caucasus, Siberia, and the Far East. He also mentioned deposits in what he referred to as “new territories,” referencing occupied areas of Ukraine.
During a televised interview, Putin reaffirmed Russia’s willingness to collaborate with its partners, including the US, in developing raw materials mining.
Previously, he had discussed the expansion of the rare earth industry with government officials and industry leaders in a video conference.
Team BharatShakti
(With inputs from Reuters)
