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NBCOCT 12 2024
Russia looks poised to increase its spending on defense by over 28% next year. If approved, it would make it the highest figure spent on its military in the country's history.
In a draft budget on Monday sent to the State Douma — the lower house of the Russian legislative assembly — the country's government proposed spending 13.5T rubles (over $145B) on defense in 2025. It proposed spending 12.8T rubles ($140B) in 2026 and and 13.1 rubles ($144B) in 2027.
While the figures could change as the budget is debated in the Douma and the Federation Council, the upper house, before Russian Pres. Vladimir Putin signs the budget into law, if approved, it would mean that 32.5% of Russia's expenditure next year would go towards defense.
Irrespective of the war in Ukraine and whether it comes to a close or not, the latest budget shows that Russian Pres. Putin is seeking a form of military Keynesianism — excessive spending on defense in the hopes it will revive Russia's fledgling economy.
Russia's budget is well thought-through and takes into consideration all the needs of the state so that all sectors are adequately funded to meet their needs.