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Russia plans 68% increase in 2024 military spending, surpassing Ukraine’s defense budget 2.5 times

Ukraine will also increase military spending by 17% in 2024, allocating almost all available money for defense.
Facing a decline in oil revenues after a G7 price cap, Russia has adapted and stabilized exports of oil, its main source of revenues. Source: CREA
Russia plans 68% increase in 2024 military spending, surpassing Ukraine’s defense budget 2.5 times

Under the draft proposals, Russian defense spending would rise to 10.8 trillion rubles ($112 billion) in 2024 from 6.4 trillion rubles in 2023. The planned defense budget would triple the 3.6 trillion rubles allocated in 2021. This is without a huge amount of classified expenditures, of which a large part would likely also go to the military and also money allocated for internal security forces.

Planned Russian defense spending in 2024. Source: Bloomberg

In Ukraine, the defense spending will also rise from 1.441 trillion UAH ($38 billion) in 2023 (including the September amendments to the budget) to 1.69 trillion UAH ($44 billion).

On 15 September 2023, Ukraine’s Cabinet of Ministers submitted to the parliament the draft budget of Ukraine for 2024. The priority is security and defense. In particular, state investments in the defense sector are increasing sevenfold to boost domestic weapons production.

Ukraine to boost defense production sevenfold in 2024 budget plan

Nearly 40% of Ukraine’s state budget spending is expected to be covered by international grants and borrowings, which will go mainly for funding social and education sectors as well as socially vulnerable categories, including internally displaced people.

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