The Russian Finance Ministry has unveiled its draft budget for 2024, revealing a staggering increase of 68% in defense spending compared to the previous year. This surge may underscore Moscow’s unwavering commitment to sustain its invasion of Ukraine.
According to the budget proposal, the allocation for defense is expected to reach almost 11 trillion rubles, equivalent to more than $111 billion. This considerable budgetary commitment signifies that defense spending will constitute roughly 30% of the total federal expenditure, representing 6% of the country’s Gross Domestic Product (GDP).
Kremlin spokesperson Dmitry Peskov told reporters Thursday, “it is obvious that such an increase is absolutely necessary because we live in a state of hybrid war, we continue the special military operation.”
When questioned by reporters about Russia’s budget priorities during a financial forum held in Moscow on Thursday, finance minister Anton Siluanov stated “the structure of the budget shows that the main emphasis is on ensuring our victory, the army, defense capabilities, armed forces, fighters, everything necessary for the front, everything necessary for victory is in the budget.”
The Russian government has provided minimal insight into how it intends to finance this expansion.