Russia Increases Military Spending
The equivalent of around 109 billion euros – that’s how much Russia wants to invest in its military next year. That makes up almost a third of the total budget that the Russian lower house approved in the first reading.
Russia plans to increase its military budget to almost a third of the total budget. The lower house of the Russian parliament, the Duma, approved the draft budget for the years 2024 to 2026 in the first reading. 320 MPs voted in favour of increasing the defence budget next year by 68 per cent – 80 against.
According to the plans, total spending next year will amount to 36.7 trillion rubles – the equivalent of around 370 billion euros. The budget of the defence department should therefore be the equivalent of around 109 billion euros in the same period.
This means military spending would account for more than six per cent of Russia’s gross domestic product next year. This is the highest proportion since the collapse of the former Soviet Union. For comparison: In the current year, only around half was planned for the defence budget. However, according to media reports, this amount was already exceeded by the middle of the year and the military budget was significantly increased.
The Russian government has already spent tens of billions of euros on ammunition, missiles, tanks, drones and other military equipment, as well as soldiers’ salaries, since it began its offensive in Ukraine in February 2022.
Russian Finance Minister Anton Siluanov justified the move. He said victory is the main goal on which the state budget and resources must be focused.
Russia attacked Ukraine 20 months ago in violation of international law and has occupied large parts of the neighbouring country ever since. As a result of the attack, the country was hit with several packages of sanctions by the West, which are primarily intended to affect the Russian government, the arms industry and the export trade. Despite these sanctions, Russia continues to receive support from countries such as China, Iran and North Korea.