Reports from credible defense analysis organizations or global military expenditure rankings

Russia Proposes $142 Billion Defense Budget for 2024, Nearly 30% Increase

Oct 24, 2024, 11:05 AM

Russia has tabled a budget proposal for next year that calls for the country's defense spending to increase from $112 billion to $142 billion. This will amount to 6.2% of Russia's GDP and 40% of the state budget. Russian lawmakers have approved this nearly 30% increase in defense spending. The Russian economy has been militarized, with 40 percent of the national budget now allocated to weapons. To obtain missiles and ammunition, Russia is making deals with Iran and North Korea. "The Russian economy has been militarized: Some 40 percent of the national budget will now be spent on weapons. To obtain missiles and ammunition, Russia now makes deals with Iran and North Korea, two of the most brutal dictatorships on the planet," said KenRoth.