Russia to Hike Protection Spending by Nearly 70% in 2024: Ministry

Russia is ready to hike protection spending by nearly 70 p.c in 2024, a finance ministry doc revealed Thursday confirmed, as Moscow pours sources into its full-scale offensive in Ukraine.

For the reason that battle started final 12 months, Russia has ramped up arms manufacturing and pumped large funds into its army machine, regardless of persistently excessive inflation and a weaker ruble.

The doc mentioned defence spending was set to leap by over 68 p.c year-on-year to nearly 10.8 trillion rubles ($111.15 billion), totalling round 6 p.c of GDP — greater than spending allotted for social coverage.

Protection spending is ready to whole round thrice greater than training, environmental safety, and healthcare spending mixed in 2024, figures calculated by AFP confirmed.

“The main target of financial coverage is shifting from an anti-crisis agenda to the promotion of nationwide growth targets,” the finance ministry mentioned within the doc.

It mentioned this included “strengthening the nation’s defence capability” and “integrating” the 4 Ukrainian areas Moscow claimed to annex final 12 months — Lugansk, Donetsk, Kherson, and Zaporizhzhia.

The elevated protection spending comes as Russia’s central financial institution warns financial development is ready to decelerate within the second half of 2023, with inflation above the financial institution’s goal of 4 p.c.

President Vladimir Putin and different officers have largely shrugged off the financial results of the Ukraine offensive, arguing Russia has largely weathered the storm of Western sanctions.