International financial and defense reports

Russia to Increase Defense Spending by 30% to $150 Billion in 2025

Sep 30, 2024, 04:01 PM

Russia plans to significantly increase its defense spending in 2025, according to draft budget documents submitted to the State Duma. The proposed budget allocates approximately 13.5 trillion rubles ($150 billion) to defense, marking a 30% increase from the previous year. This amount represents 6.3% of Russia's GDP and is more than double the defense budget of 2021, which was $66 billion. The increase in defense spending surpasses allocations for social programs and indicates a shift in government priorities towards national defense, technological sovereignty, and social welfare. The draft budget for 2025-2027 emphasizes these areas amidst ongoing geopolitical tensions, particularly related to the conflict in Ukraine.