The President of Russia signed the budget for the coming year. Defense spending has reached record levels.
Russian President Vladimir Putin has signed the Russian Federation’s 2024 budget, significantly increasing federal spending. Defense spending will be at a record high.
According to analysts at the Institute for War Studies, the document’s report shows that Russian spending next year will reach $412.5 billion and the budget deficit will reach $9.5 billion.
The Russian government plans to spend about $157.5 billion on defense and law enforcement, which amounts to 39 percent. all federal government expenditures.
According to analysts, the Russian Finance Ministry has allocated $72.1 billion for defense this year, but this is not accurate information because a significant part of the Russian federal budget is secret. But even under these conditions, more than a third of the federal budget will be spent on defense, representing a record level of Russian defense spending. At the same time, the federal budget does not cover all expenditure for the military and security forces. According to experts, part of the financial burden falls on regional budgets and private business structures.
ISW believes the Kremlin plans to reallocate most of its federal defense budget to support the invasion of Ukraine.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
