ANKARA: Russia’s military and war-related spending is projected to rise 29% year-on-year to 12.8 trillion rubles (about $140 billion), an international think tank said on Wednesday, citing new federal budget plans.
Russia’s military spending in 2024 will increase to 7.1% of its gross domestic product (GDP), accounting for 35% of total government spending, the Stockholm International Peace Research Institute (SIPRI) said in its report.
The three-year new federal budget plan through 2026 was signed into law by President Vladimir Putin at the end of November.
The plan shows that the Russian government is “firmly committed” to pursuing the war, which has been waged for over 650 days, to a successful conclusion, said the report.
Despite economic challenges, the allocations to the budget chapter “National economy” decreased to 11% of total spending in 2024, from 14% this year.
