Russia to Increase Defense Spending to Record Amount
Russia to Increase Defense Spending to Record Amount
The Facts
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.
The Spin
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.
