President Putin has approved the federal budget, which significantly increases military spending and will see about 30% of budget spending allocated to the armed forces by 2024.
According to TASS news agency, on November 27, President Vladimir Putin approved the Russian Federation budget for 2024 and the period 2025-2026, which significantly increased military spending and about 30% of budget spending will be allocated to the armed forces in 2024.
The Russian Federal Budget Law has been published on the official legal information portal. According to it, federal budget revenues are expected to reach 35,065 billion rubles ($393.8 billion) in 2024; 33,552 billion rubles ($376.8 billion) in 2025; and 34,051 billion rubles ($382.4 billion) in 2026.
Russia is diverting more resources to its special military operation in Ukraine.
Defense and security spending combined are expected to account for about 40 percent of total budget spending next year. Defense spending in 2024 is expected to increase by nearly 70 percent compared to 2023.
The spending and revenue plans were approved by lawmakers in both the Russian State Duma (lower house) and the Russian Federation Council (upper house).
According to VNA