In a recent revelation by Russian media, documents purportedly leaked from Russia’s Finance Ministry indicate a significant increase in defense spending for the year 2024. The proposed budget is set to account for nearly 30% of the nation’s total public expenditure.
This news broke as NATO’s Secretary-General, Jens Stoltenberg, along with the defense ministers of Britain and France, made a diplomatic visit to Kyiv. During their visit, Ukrainian President Volodymyr Zelensky emphasized the need for more air defense systems to bolster Ukraine’s defenses.
The Russian Finance Ministry’s proposal outlines a defense budget of approximately €105 billion (10.8 trillion roubles), which equates to roughly 6% of the country’s GDP (Gross Domestic Product). This marks a staggering 68% increase from the defense budget of 2023.
Economic analysts suggest that while Russia might be capable of sustaining this elevated defense spending through 2024, it would likely be at the detriment of the broader economy. Although the intricate details of Russia’s defense expenditure remain classified, these figures strongly hint at Russia’s preparation for prolonged warfare in Ukraine.