The Daily Telegraph | February 9, 2008
Russia's President Putin declared the onset of a new arms race. ++ Reacting to US plans for a missile defence shield in Europe, he vowed to modernize Russia’s armed forces. ++ Putin also warned from unnamed foreign powers which are bent on controlling the world’s natural resources. ++ Despite the rhetoric, Russia’s military is still no match to that of the US, as its defence budget is only just 11% of the Pentagon's.