Russia to Boost Defense Spending to $142 Billion in 2025, 6.2% of GDP Amid Ongoing Ukraine War

Sep 24, 2024, 06:30 AM

Russia plans to significantly increase its defense spending to $142 billion in 2025, according to a draft budget seen by Bloomberg. This amount represents 6.2% of the country's GDP and 40% of the federal budget, and is a substantial increase from the 10.4 trillion rubles projected for this year. The increase in military expenditure comes as President Vladimir Putin's war on Ukraine continues with no signs of abating. The proposed budget indicates that military spending will surpass Russia's combined spending on education, healthcare, and social services. The defense budget for 2025 will be more than double the $66 billion allocated in 2021, the year before Russia's full-scale invasion of Ukraine. Since 2023, military spending has soared by 70% and has increased 300% since 2021. The draft also outlines that defense spending will remain high in subsequent years, with 5.6% of GDP allocated in 2026 and 5.1% in 2027.