After setbacks, Russia boosts space spending After setbacks, Russia boosts space spending - Space After setbacks, Russia approves big boost in space spending $68.7 billion set aside for missions to space station and beyond in 2013-2020 time frame MOSCOW - The country that oversaw the launch of the world's first artificial satellite hopes to regain some of its former glory with a big boost in space spending. Russian Prime Minister Dmitry Medvedev approved a plan to spend 2.1 trillion rubles ($68.71 billion) on developing Russia's space industry from 2013 to 2020, the state-run RIA news agency reported. "The program will enable our country to effectively participate in forward-looking projects, such as the International Space Station, the study of the moon, Mars and other celestial bodies in the solar system," Medvedev was quoted as saying. More than 50 years after the 1957 launch of Sputnik 1 by the former Soviet Union, an achievement that triggered the Cold War space race, Russia's space program has suffered a series of humiliating setbacks. These have mostly involved unmanned missions such as satellite launches - failures that industry veterans blame on a decade of crimped budgets and brain drain. Russia budgeted about 100 billion rubles ($3.3 billion) for space programs annually in 2010 and 2011, far less than the yearly average of the amount Medvedev announced, but he said some of the money would come from outside the state budget. The failure of a workhorse Proton rocket after launch in August caused the multimillion-dollar loss of an Indonesian and a Russian satellite. A similar problem caused the loss of a $265 million communications satellite last year. Medvedev criticized the state of the industry in August, saying problems were costing Russia prestige and money. Since the retirement of its space shuttle fleet last year, NASA has been relying on Russia to take astronauts to the ISS at a cost of $60 million each, and plans to continue until new U.S. spacecraft are ready in the 2017 time frame. NASA's annual budget is in the range of $17 billion to $18 billion.