Russian President Vladimir Putin has signed the draft budget approved by parliament. A record amount has been earmarked for the army: almost every third ruble would go to armaments.
Russia’s 2024 budget foresees an expenditure of 36.6 trillion rubles (about 377 billion euros). About 30 percent of government spending should go to the military. The increase in this item compared to 2023 is therefore almost 70 percent. However, it is unclear how high the military expenditure actually is: parts of the Russian military budget are secret so that the Kremlin can better conceal its plans in the war of aggression against Ukraine.
Budget aimed at military personnel
The 2024 state budget is specifically designed to provide the armed forces with more resources and soften the impact of Western sanctions, Duma head Vyacheslav Volodin said last week when the draft budget was adopted.
Oil should lubricate war machines
The government in Moscow assumes high oil prices in its budget plans. Experts say Russia may have to raise taxes on companies if this assumption proves wrong.
According to observers, basing the economy so heavily on the military poses a risk: low unemployment, higher wages and targeted social spending could still help the Kremlin survive the domestic political fallout. In the long run, however, the transition to a war economy could pose a problem.
Source: Krone
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