Russian parliamentarians on Thursday gave the green light to the draft budget for the period 2024-2026. It is striking that next year’s budget stipulates an increase in Russian military spending by almost 70 percent. This is a record increase to finance the war in Ukraine.
Russian Finance Minister Anton Siluanov clarified during a plenary session that the defense budget will increase to 10,800 billion rubles, or the equivalent of 109 billion euros. This means that military spending in 2024 will account for about 30 percent of the state budget and 6 percent of GDP.
Determined
The significant increase in defense spending should demonstrate that Moscow – despite the high human and financial costs – is determined to continue the ‘special military operation’ against Ukraine. Victory is the biggest priority and resources must be focused on that, Siluanov said.
Also read: Russia is setting aside more than 100 billion euros for defense next year: how long will the war last? (+)
The draft three-year budget was approved at first reading by 320 members of the State Duma, the lower house of the Russian parliament. There were also 80 votes against. In the next steps, it must be voted on twice more, and the upper house must also consider it. President Vladimir Putin can then sign the decision.
Billions spent on the war
The Russian government wants to spend a total of around 370 billion euros next year, an increase of more than 20 percent compared to this year. According to the Kremlin, the fact that a large part goes to Defense is due to Western support for Ukraine. “It is clear that such an increase is absolutely necessary because we are dealing with a hybrid war,” a spokesman said earlier this month.
Russia has spent billions of euros on ammunition, missiles, tanks, drones and salaries since invading Ukraine on February 24, 2022. According to Defense Minister Sergei Shoigu, the army uses up to 15,000 tons of material, including ammunition and fuel, every day in the offensive against Ukraine.
Russian army is looking for female snipers: “They can earn four years’ wages in six months” (+)
REPORTING. Our reporter follows drone unit up to 3 kilometers from the front: “I don’t feel anything anymore when I kill Russians” (+)
WATCH ALSO. Ukrainian army comes up with ‘invisibility cloaks’
Free unlimited access to Showbytes? Which can!
Log in or create an account and never miss anything from the stars.