Russia Plans Huge Defense Spending Hike in 2024 as War Drags
- Budget sees defense spending at 6% of GDP from 3.9% now
- Secret spending to nearly double as Kremlin avoids scrutiny
Russia plans a massive increase in defense spending next year as President Vladimir Putin’s invasion of Ukraine continues to remake its economy and alter funding priorities.
Defense spending will comprise 6% of the country’s gross domestic product in 2024, up from 3.9% in 2023 and 2.7% in 2021, according to draft budget plans seen by Bloomberg News. Secret expenditure on classified or unspecified items is forecast to nearly double as the Kremlin continues to try to avoid scrutiny of the war’s impact.