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What will be the impact on global arms sales by December 31, 2025, in response to Russia's increased defense budget?
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Resolution / Starting Odds
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Reports from the Stockholm International Peace Research Institute (SIPRI)
Story
Russia to Increase Defense Spending by 25% in 2025 to $150 Billion, Highest Since Cold War
Sep 30, 2024, 03:47 PM
Russia is set to significantly increase its defense spending in 2025, according to new draft budget documents sent to the Duma by the Finance Ministry. The draft budget proposes allocating approximately 13.5 trillion rubles ($150 billion) for defense, marking a 25% increase from the 2024 budget. This increase in defense spending will result in defense expenditures being more than twice the amount allocated for social spending. The defense spending will represent 6.3% of Russia's GDP, the highest level since the Cold War. In comparison, Russia's defense budget was $66 billion in 2021. The proposed budget also indicates a 30% hike in defense spending, amounting to $142 billion.
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