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Russia to boost its defence spending by 70% in 2024

In a move that underscores Russia’s unwavering commitment to its military endeavors, the country is poised to substantially increase its defense spending by nearly 70% in 2024. This financial shift, as revealed in a document published by the Russian Finance Ministry, comes as Moscow continues to allocate significant resources to support its extensive offensive operations in Ukraine.

Steady Escalation Since the Conflict’s Onset

Since the commencement of the Ukraine conflict, Russia has adopted a progressively aggressive stance, not only on the battlefield but also on the economic front. In an environment characterized by persistently high inflation and a depreciating ruble, Russia has intensified its arms production and funneled substantial investments into its military infrastructure.

A Massive Surge in Defense Expenditure

The document in question outlines a staggering surge in defense spending, projecting an increase of over 68% compared to the previous year. This uptick will result in defense expenditure reaching nearly 10.8 trillion rubles, which translates to approximately $111.15 billion. Remarkably, this sum accounts for roughly 6% of Russia’s GDP, surpassing the funds allocated for critical social policies.

A Disproportionate Allocation of Resources

In 2024, defense spending in Russia is set to dwarf other essential sectors. Calculations by AFP reveal that it will be approximately three times higher than the combined spending on education, environmental protection, and healthcare. This prioritization underscores the country’s unwavering focus on military supremacy.

Economic Policy Shift

The Finance Ministry’s document highlights a shift in Russia’s economic policy from crisis management to the pursuit of national development objectives. This transformation includes strengthening the nation’s defense capabilities and pursuing the integration of four Ukrainian regions that Moscow controversially claimed to annex last year: Lugansk, Donetsk, Kherson, and Zaporizhzhia.

Economic Warning Signs

Notably, this surge in defense spending occurs in the context of warnings from Russia’s central bank about a potential slowdown in economic growth during the latter half of 2023. Inflation remains above the bank’s target of four percent. However, President Vladimir Putin and other officials have downplayed the economic ramifications of the Ukraine offensive, asserting that Russia has effectively weathered the storm of Western sanctions.

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