Saudi Arabia surpassed Russia in military spending for 2015 to be the world’s third largest spender on defense, according to a new report by the Stockholm International Peace Research Institute (SIPRI).
The United States retained its top position globally in total military spending in 2015, accounting for almost one-third of all military spending globally. The U.S. spends nearly triple that of China, the second largest spender, according to the report.
According to the SIPRI figures, Saudi Arabia spent $87.2 billion total on defense last year.
Saudi Arabia is now the third largest spender on defense.
However, the recent collapse in crude oil prices has forced both Russia and Saudi Arabia to cut their spending on defense. Saudi Arabia’s budgeted defense spending fell 3.6% to $45.9 billion in 2016 from $47.6 billion in 2015, according to IHS Jane’s.
For Russia, another oil producer, that nation’s defense budget shrank by 5.6% to $49.2 billion in 2016 from $51.5 billion last year.
Combined, Russia and Saudi military spending is roughly one-quarter total U.S. military spending.
Saudi Arabia has adopted a more assertive regional policy, most notably in neighboring Yemen, where the Kingdom is leading a coalition of nations to defeat Houthi rebels.
The Kingdom is also beefing up security across Saudi Arabia, particularly on its borders with Iraq and Yemen.
