Russia’s Parliament Approves Record Defense Spending in Federal Budget
Moscow – Russia’s parliament has approved a federal budget that will increase spending by approximately 25 percent in the years 2024-2026 and allocate a record amount to defense. The budget, unanimously passed by the upper chamber, known as the Federation Council, will now go to President Vladimir Putin for his signature, making it law.
The budget for 2024-2026 has been specifically designed to provide funding for the Russian military and to counter the impact of over 17,500 sanctions imposed on Russia. Vyacheslav Volodin, the Chairman of the lower chamber, the State Duma, highlighted the budget’s objectives following its approval on November 17.
This increase in defense expenditure will surpass social spending next year, marking a significant shift in modern Russian history. The move comes as Putin’s administration aims to consolidate support ahead of the upcoming presidential election in March. Analysts suggest that while higher wages and targeted social spending may help mitigate any immediate domestic impact from the transition to a war-oriented economy, they may present long-term challenges.
The budget is geared toward resolving the situation in Ukraine and preparing for potential military confrontation with Western nations indefinitely, commented Richard Connolly, an expert on Russia’s military and economy at the Royal United Services Institute in London. He further expressed that this marks a significant move towards the re-militarization of Russian society.
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