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Russia massively increases defense spending: "All needs of our armed forces will be supplied"

2023-12-28T16:42:51.757Z

Highlights: Russia massively increases defense spending: "All needs of our armed forces will be supplied". Russia is planning a massive increase in defense spending from 6.4 trillion rubles this year to 10.8 trillion Rubles ($112 billion) in 2024. This is despite the fact that international sanctions, including a price cap on oil sales, are intended to drain the treasury and increase pressure on the economy. While the government met the needs of the army in the war, it did not cut spending on infrastructure, investment and social services.



Status: 28.12.2023, 17:29 PM

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Russian Finance Minister Anton Siluanov speaks during a session of the Russian State Duma (symbolic image). © Anton Novoderezhkin/TASS/Imago

Russia wants to significantly increase its defense spending again. Thus, "all needs" of the military, according to the Ministry of Finance.

According to Finance Minister Anton Siluanov, Russia has sufficient budgetary resources to pay for its war in Ukraine. "The Ministry of Finance has provided all the funds necessary for the main tasks of the military," Siluanov told reporters at a briefing on Wednesday (27 December). "All the needs of our Armed Forces for their tasks in the special military operation will be provided with money."

Russia massively increases defense spending in 2024

Russia is planning a massive increase in defense spending from 6.4 trillion rubles this year to 10.8 trillion rubles ($112 billion) in 2024, surpassing spending on social assistance, even as President Vladimir Putin prepares to run for a fifth term in March's elections.

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Higher-than-expected revenues for the Russian budget from the non-oil and gas sector in 2023 allowed the government to spend more than planned, Siluanov said. This is despite the fact that international sanctions, including a price cap on oil sales, are intended to drain the treasury and increase pressure on the economy.

The total expenditure of the Russian budget exceeded the target by more than 3 trillion rubles, amounting to 32,2 trillion rubles, Siluanov said. While the government met the needs of the army in the war, it did not cut spending on infrastructure, investment and social services, he said.

©2023 Bloomberg L.P.

We are currently testing machine translations. This article has been automatically translated from English into German.

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This article was first published in English by the "Washingtonpost.com" on December 27, 2023 - as part of a cooperation, it is now also available in translation to the readers of IPPEN. MEDIA portals.

Source: merkur

All news articles on 2023-12-28

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