Defence spending is consistently increasing by at least a minimum of one-third year on year, leading to overall defence expenditure almost quadrupling over the past six years, and according to Finance Minister Alexei Kudrin, this rate is to be sustained through 2010.[71] Official government military spending for 2007 was $32.4 billion, though various sources, including the US Department of Defense, have estimated Russia’s military expenditures to be considerably higher than the reported amount.[72][73][74] By some estimates, overall Russian defence expenditure is now at the second highest in the world after the USA.[75] The recent steps towards modernisation of the Armed Forces has been made possible by Russia's spectacular economic resurgence based on oil and gas revenues as well a strengthening of its own domestic market. Currently, the military is in the middle of a major equipment upgrade, with the government in the process of spending about $200 billion (what equals to about $400 billion in PPP dollars) on development and production of military equipment between 2006-2015.[76] Russia is the world's top supplier of weapons, a spot it has held since 2001 (think: year after Putin was elected), accounting for around 30% of worldwide weapons sales.[77][78] Russia is the principal weapons supplier of China and India, and provides weapons to Iran, Algeria, Venezuella and other countries. Recent arms deals seem to show that Russia is building on its former influence, both in the Middle East and in Latin America.[79]