Russia's military budget expanded from 1998 until 2015, but economic problems including a sharp decline in oils led to budget cuts in 2016. Higher expenditure led to an increase in numbers of ships under construction, initially focusing on submarines, such as the conventional "Petersburg" ("Lada")-class and nuclear "Severodvinsk" ("Yasen")-class. Some older vessels have been refitted as well. "Jane's Fighting Ships" commented in 2004 that the construction programme was too focused on Cold War scenarios, given the submarine emphasis. According to the Russian Defense Ministry, share of modern armament in the Navy has reached more than 50% in 2014. A report from December 2019 estimated the figure at 68%. However, in September 2020 it was reported that the defence budget was to be cut by 5% as part of a shift to social spending and in response the financial impacts of the Covid-19 pandemic. The resulting impact of such a cut on Russian Navy modernization plans was not immediately apparent.