Russia's Massive Defense Spending Increase in 2024 Amidst Energy Sales Rebuilding Wealth Fund
TL;DR
Russia is planning a significant increase in defense spending next year, with the budget set to reach 6% of GDP, up from 3.9% in 2023 and 2.7% in 2021, according to Bloomberg News. The rising costs of the war in Ukraine have strained Moscow's finances, leading to a deficit of around $24 billion. The government is expected to discuss draft budget proposals on Friday.
- Russia plans huge defence spending hike in 2024, Bloomberg reports Reuters
- Russia's War in Ukraine: Putin Plans Huge Defense Spending Hike in 2024 Bloomberg
- Russia plans to increase spending by more than 25% next year Financial Times
- Russia plans 26% rise in budget spending in 2024 election year Reuters.com
- Russia Sees Energy Sales Rebuilding Wealth Fund Even Amid War Bloomberg
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