Putin Signs Russia’s Largest National Budget, Bolstering Military Spending

The President of Russia, Vladimir Putin, signed a national budget for the upcoming three years on Monday, which would increase spending by approximately 25 percent and apparently devote a record amount towards defence as Russia’s military operation in Ukraine continues.

This budget is predicting the spending in 2024 of 36.6 trillion Rubles, with an anticipated deficit of 1.595 trillion Rubles.

After the lower house of the Parliament passed the budget, Speaker Vyacheslav Volodin said, “It was developed specifically to fund the military and to mitigate the impact of international sanctions imposed after Russia sent troops into Ukraine in February 2022.”

Higher wages, record-low employment, and targeted social spending should be helping the Kremlin to deal with the domestic impact to pivot the economy towards the military, but it is highly capable of posing a threat in the long term, as per the analysts.

A portion of the Russian budget is a secret due to the efforts of the Kremlin to hide its military plans and sidestep scrutiny of its operations in Ukraine. However, independent business journalists Farida Rustamova and Maksim Tovkaylo said that “this month that around 39 percent of all federal spending will go toward defence and law enforcement in 2024.”

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