Russian dictator Vladimir Putin signed a 2024 federal budget and planned budgets for the two following years on Nov. 27, reportedly devoting a record amount to defense.
The 2024 federal budget accounts for 36.66 trillion rubles ($412.5 billion) in state expenses and a budget deficit of 1.6 trillion rubles ($9.5 billion), the Institute for the Study of War (ISW) said in its latest update.
Following approval of the budget by the lower house of parliament, Speaker Vyacheslav Volodin said that it was specifically designed to allocate funds for the military and address the consequences of international sanctions imposed when Russia deployed troops into Ukraine in February 2022.
The federal budget does not account for the entirety of Russian defense spending, the ISW said, as the Kremlin has relied on regional budgets and private business entities to augment funding for the ongoing war effort.
A portion of the Russian budget remains undisclosed, as Moscow aims to keep its military intentions hidden and evade scrutiny around its activities in Ukraine.
Independent business journalists Farida Rustamova and Maksim Tovkaylo said earlier this month that approximately 39% of the total federal spending in 2024 (14 trillion rubles or $157.5 billion) will be allocated to defense and law enforcement.
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Abhinav Thawait is a globe-trotting correspondent with a passion for international affairs. With a background in international relations, he offers a global perspective on the most pressing issues around the world. Abhinav’s curiosity takes his to the far corners of the earth, where he seeks to share untold stories and diverse viewpoints.
