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Putin approves major increases in military spending for Russia's budget

2023-11-27 21:46:00, Kosova & Bota CNA
Putin approves major increases in military spending for Russia's budget
Russian President Vladimir Putin

Russian President Vladimir Putin gave his formal approval to a significant increase in military spending that will see around 30% of fiscal spending go to the armed forces in 2024 as he signed the draft budget into law on Monday. Reuters reports.

Moscow is diverting more and more resources to prosecuting its war in Ukraine. Defense and security spending together will reach about 40% of all budget spending next year.

Defense spending is expected to increase by almost 70% in 2024 from 2023.

Russia has an ambitious 2024 revenue target of 35.1 trillion rubles ($391.2 billion) next year, a planned increase of 22.3% year-on-year, based on assumptions of high oil prices. Analysts say the government could be forced to raise business taxes if these assumptions prove optimistic.

The budget plans had already been approved by lawmakers in both houses of parliament, the State Duma and the Federation Council. / CNA

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