Russia wants to increase its defense spending by almost 70 percent next year. Funding for the military is expected to rise by more than 68 percent year on year to almost 10.8 trillion rubles (about 106 billion euros), as the Finance Ministry in Moscow announced on Thursday. They would therefore account for about six percent of Russia’s gross domestic product.
According to calculations by the AFP news agency, Russian defense spending in 2024 will be about three times as high as spending on education, environmental protection and health care combined.
Determined to continue the war
Russia thus underlines its determination to continue its offensive in Ukraine. Kremlin spokesman Dmitry Peskov justified the huge increase in defense spending with the “hybrid war being waged against us.”
Since the start of the offensive in Ukraine last year, Russia has increased weapons production and invested heavily in its military, despite persistently high inflation and the weak ruble.
The Russian economy is weakening
The Russian central bank recently warned of a slowdown in economic growth in the second half of the year. The ruble has lost about 30 percent of its value against the dollar since the beginning of the year.
The main reason for this is high military expenditure and the lack of revenue from oil and gas sales to Europe due to Western sanctions.
Source: Krone
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