Documents apparently leaked from Russia’s Finance Ministry show its 2024 defense spending will jump to approximately 10.8 trillion rubles, around 6% of GDP, a 68% rise over 2023, suggesting readiness for multiple further years of fighting in Ukraine. This is according to a 1 October intelligence update shared by the British Defense Ministry.
The ministry tweeted:
- Documents, apparently leaked from Russia’s Finance Ministry, suggests that Russia’s defence spending is set to surge to approximately 30 per cent of total public expenditure in 2024.
- The ministry proposes a defence budget of 10.8 trillion roubles ($112 billion, – Ed.), equivalent to approximately 6 per cent of GDP and a 68 per cent increase over 2023.
- It is highly likely that Russia can support this level of defence spending through 2024, but only at the expense of the wider economy. Full details on Russian defence spending are always classified, but these figures suggests that Russia is preparing for multiple further years of fighting in Ukraine. This follows public comments by Defence Minister Sergei Shoigu on 27 September 2023, suggesting he was prepared for the conflict to continue into 2025.
Back in June, the British Defense Ministry said referring to the Stockholm International Peace Research Institute’s report that Russia’s military budget 2023 rose to about $85.8 bn or 4.4% of the country’s GDP, while “true military expenditure remains uncertain due to a lack of transparency.”
Read also:
- Russia plans 68% increase in 2024 military spending, surpassing Ukraine’s defense budget 2.5 times
- Russia’s military budget increases to 4.4% of GDP in 2023 with true military expenditure uncertain – British intel
- Russian military spending hits 4.1% of GDP in 2022, strains government finances – British intel
- Russia to spend about ⅓ of its 2023 budget on defense cutting funds for schools, hospitals, roads – Reuters analysis
