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