Russia has adopted a record defense budget since the days of the USSR

39% of the Federal Government's total expenditure are to be directed towards defense needs.

28/11/2023 - 14:35

Russian President Vladimir Putin has approved the federal budget for the year 2024, as reported by citing BBC.

The new budget significantly amplifies the financing of state expenditures, including record-level spending on defense.

According to analysts at the Institute for Strategic Studies (ISW), the new budget forecasts Russia's expenses for the following year to reach $412.5 billion, with a budget deficit estimated at $9.5 billion.

Russian authorities intend to allocate around $157.5 billion for defense and law enforcement agencies, constituting 39% of the federal government's overall expenditure.

Analysts suggest that this year, Russia's Ministry of Finance allocated $72.1 billion for defense needs, although precise figures might be uncertain due to a substantial portion of the federal budget remaining classified. Nevertheless, the federal budget doesn't entirely cover all expenses for the military and security structures. According to experts, some financial responsibility falls on regional budgets and private enterprises.

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