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Snapshot 2:Tue, Oct 1, 2024 3:28:24 PM GMT last edited by ArthursSeat22

Russia to Increase Defense Spending to Record Amount

Russia to Increase Defense Spending to Record Amount

Above: Russian Pres. Vladimir Putin visits Uralvagonzavod, the country's main tank factory in the Urals, in Nizhny Tagil on February 15, 2024. Image copyright: Alexander Kazakov/Pool/AFP/Contributor via Getty Images

The Facts

  • 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.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.

  • 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.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.


The Spin

Irrespective of whether 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 — enacting excessive spending on defense in the hopes it will revive Russia's fledgling economy.

Russia's budget is well thought-through, andtaking takes into consideration all the needs of the state so that allevery sectorssector areis adequately funded to meet theirthe country's needs.


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