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Russia to Increase Defense Spending to Record Amount
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Above: Russian Pres. Vladimir Putin visits Uralvagonzavod, the country's main tank factory in the Urals, in Nizhny Tagil on February 15, 2024. Image copyright: Alexander Kazakov/Pool/AFP/Contributor via Getty Images
The Facts
Russia reportedly looks poised to increase its spending on defense by over 28% next year. If approved, it would be the highest figure spent on its military in the country's history.
A draft budget sent to the State Douma — the lower house of the Russian legislative assembly — on Monday proposed spending 13.5T rubles (over $145B) on defense in 2025, 12.8T rubles ($140B) in 2026, and 13.1 rubles ($144B) in 2027.
The Spin
Pro-establishment narrative
Irrespective of whether the war in Ukraine comes to a close or not, the latest budget shows that Russian Pres. Putin is seeking a form of military Keynesianism — enacting excessive spending on defense in the hopes it will revive Russia's fledgling economy.
Pro-Russia narrative
Russia's budget is well thought-through, taking into consideration all the needs of the state so that every sector is adequately funded to meet the country's needs.
