Russia to hike defence spending by almost 70% in 2024: Ministry
1 year, 2 months ago

Russia to hike defence spending by almost 70% in 2024: Ministry

The Hindu  

Russia is set to hike defence spending by almost 70 percent in 2024, a finance ministry document published Thursday showed, as Moscow pours resources into its full-scale offensive in Ukraine. The document said defence spending was set to jump by over 68 percent year-on-year to almost 10.8 trillion rubles, totalling around 6 percent of GDP -- more than spending allocated for social policy. Defence spending is set to total around three times more than education, environmental protection and healthcare spending combined in 2024, figures calculated by AFP showed. The increased defence spending comes as Russia's central bank warns economic growth is set to slow down in the second half of 2023, with inflation above the bank's target of four percent.

Defence Spending Defence Spending Ministry Russia  ministry  russia  defence  2024  moscow  inflation  economic  spending  offensive  hike  set  70  largely

History of this topic

Tax Russia to rebuild Ukraine and increase defence spending, Estonia says
1 week, 1 day ago

Tax Russia to rebuild Ukraine and increase defence spending, Estonia says

Hindustan Times  

By Andrius Sytas Tax Russia to rebuild Ukraine and increase defence spending, Estonia says TALLINN, - Estonia will propose that the leaders of the United Kingdom-led alliance of northern European NATO countries spend no less than 2.5% of GDP on defence in response to the threat from Russia. British Prime Minister Keir Starmer said in July that he would increase …

What will it cost to defend Britain from a growing Russian threat?
1 week, 3 days ago

What will it cost to defend Britain from a growing Russian threat?

The Independent  

New secretary general of Nato Mark Rutte has warned that Russia is preparing for “long-term confrontation. Rutte’s inaugural speech didn’t include a specific goal, but there are widespread reports that he’d like to see the target for defence spending among the 32 Nato member states raised from 2 per cent to 3 per cent, and he has even mentioned a …

‘Shift to wartime mindset’: Nato chief calls for budget boost as Putin eyes ‘long-term confrontation'
Trending News
1 week, 4 days ago

‘Shift to wartime mindset’: Nato chief calls for budget boost as Putin eyes ‘long-term confrontation'

Firstpost  

European members of the North Atlantic Treaty Organisation are holding meetings to pitch an increase in the bloc’s target to 3 per cent at its annual summit next June North Atlantic Treaty Organisation chief Mark Rutte has called for raising defence budget by respective member nations. Rutte has said that the alliance’s defence spending needs to be much bigger than …

NATO boss calls for much higher defense spending to counter Russia
Top News
1 week, 4 days ago

NATO boss calls for much higher defense spending to counter Russia

CNN  

Brussels, Belgium Reuters — NATO head Mark Rutte warned the US-led transatlantic alliance on Thursday that it was not ready for the threats it would face from Russia in the coming years and called for a shift to a wartime mindset - with much higher defense spending. Rutte said future spending would have to be much higher than the current …

NATO boss calls for much higher defense spending to counter Russia
Top News
1 week, 4 days ago

NATO boss calls for much higher defense spending to counter Russia

CNN  

Brussels, Belgium Reuters — NATO head Mark Rutte warned the US-led transatlantic alliance on Thursday that it was not ready for the threats it would face from Russia in the coming years and called for a shift to a wartime mindset - with much higher defense spending. Rutte said future spending would have to be much higher than the current …

Putin earmarks 32% of Budget 2025 for Russia’s defence. Is he preparing for 4th year of Ukraine war?
3 weeks, 1 day ago

Putin earmarks 32% of Budget 2025 for Russia’s defence. Is he preparing for 4th year of Ukraine war?

Firstpost  

At a time when the Russian military is making continuous gains in the war on Ukraine, President Vladimir Putin has approved the largest-ever defence budget with a 22% annual hike As the war on Ukraine has entered a decisive phase, Russian President Vladimir Putin has approved the highest-ever defence budget for the next three years. The record budget with a …

Putin approves record defense spending — a third of Russia’s budget
3 weeks, 1 day ago

Putin approves record defense spending — a third of Russia’s budget

CNN  

CNN — Russian President Vladimir Putin has approved a record-breaking defense budget, setting aside a staggering third of the government’s total spending as the war in Ukraine drains resources from both sides nearly three years on. Scholz’s visit came after he rankled Ukrainian officials last month by calling Vladimir Putin, ending a years-long European effort to isolate the Russian president …

Russia-Ukraine war: EU pledges $19 bn for outgunned and outspent Kyiv
3 weeks, 4 days ago

Russia-Ukraine war: EU pledges $19 bn for outgunned and outspent Kyiv

Firstpost  

The aid comes at a critical time for Ukraine as questions grow about the future of US assistance when Donald Trump returns to power The European Union on Thursday confirmed it will provide Ukraine with €18.1 billion as part of a larger $50 billion Group of Seven loan aimed at supporting Kyiv amid its fight against Russia’s invasion. Uncertainty over …

Russian lawmakers give final nod on record military funding boost
3 weeks, 6 days ago

Russian lawmakers give final nod on record military funding boost

Al Jazeera  

Massive increase in spending builds on last year’s record, as Moscow maintains war on Ukraine, confrontation with West. Lawmakers in Russia’s upper house have given final parliamentary approval to a plan to boost military spending by almost 30 percent next year. That is about 3 trillion rubles more than was apportioned for this year, which itself represented a post-Cold War …

Vladimir Putin is in a painful economic bind
1 month ago

Vladimir Putin is in a painful economic bind

Live Mint  

Most central banks are cutting interest rates. Russia’s budget, unveiled in September, included a plan to increase defence spending by a quarter next year. Taken together, annual expenditures on defence and security—a separate budget item that covers the intelligence services—are now expected to rise to 17trn roubles, an amount representing more than 40% of all government spending or 8% of …

Russia is locking up butter as inflation crisis reaches new heights
Top News
1 month ago

Russia is locking up butter as inflation crisis reaches new heights

CNN  

CNN — Americans have spent the last few years complaining about inflation. But an influential group of Russian economists said on Telegram this week that “increased inflationary pressure will not only persist but may even increase.” Russia’s President Vladimir Putin said earlier this month that the Russian economy needs nearly 1 million new workers because of an unemployment rate of …

Russia is locking up butter as inflation crisis reaches new heights
Top News
1 month ago

Russia is locking up butter as inflation crisis reaches new heights

CNN  

CNN — Americans have spent the last few years complaining about inflation. But an influential group of Russian economists said on Telegram this week that “increased inflationary pressure will not only persist but may even increase.” Russia’s President Vladimir Putin said earlier this month that the Russian economy needs nearly 1 million new workers because of an unemployment rate of …

Russian strike kills six as Ukraine marks defenders day
2 months, 3 weeks ago

Russian strike kills six as Ukraine marks defenders day

The Hindu  

A Russian strike on a southern Ukraine market killed six people on Tuesday as the nation held a moment of silence to mark a major public holiday honouring troops, authorities said. ‘Work with both’ As Moscow pressed ahead in the east, Russia announced plans on Monday to boost its defence budget by almost 30% next year as it drives resources …

Russia hikes 2025 defence spending by 25% to a new post-Soviet high
2 months, 3 weeks ago

Russia hikes 2025 defence spending by 25% to a new post-Soviet high

Hindustan Times  

* Russia hikes 2025 defence spending by 25% to a new post-Soviet high {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Russia to spend 6.3% of GDP on national defence {{^usCountry}} {{/usCountry}} * Highest level since the Cold War * Defence spending at $145 billion, budget shows * Defence spending a third of all spending * Defence and security spending even higher By Darya …

Lammy: UK missiles are vital to stop Putin
3 months, 1 week ago

Lammy: UK missiles are vital to stop Putin

The Telegraph  

Mr Lammy was asked whether he wanted a timeline for reaching the 2.5 per cent target to be named and whether he hoped for more defence spending in the Budget. “And that’s why I’m really pleased that John Healey kicked off a strategic defence review, on which I’m assisting of course, straight away in coming to office.” When they announced …

Vladimir Putin spends big—and sends Russia’s economy soaring
4 months ago

Vladimir Putin spends big—and sends Russia’s economy soaring

Hindustan Times  

A Ukrainian incursion into Russia represents an enormous embarrassment for Vladimir Putin and his military leadership. Consumer confidence, as measured by Russia’s statistical agency, is well above its average since Mr Putin assumed power 24 years ago. Sberbank, the country’s largest financial institution, notes that in June overall consumer spending rose by 20% year on year in nominal terms. Data …

Why Putin’s inflation battle is weakening Russia from within
4 months, 1 week ago

Why Putin’s inflation battle is weakening Russia from within

The Telegraph  

There is no better signal that money is tight than Putin’s decision to appoint a trained economist with zero military experience as his defence minister. “The risk is that a slowdown in growth will become much more pronounced than moderation in inflation which could mean that Russia might be facing a scenario of stagflation as early as next year. This …

Germany to do to Ukraine what a Trump White House might - cut military aid by half
5 months, 1 week ago

Germany to do to Ukraine what a Trump White House might - cut military aid by half

Firstpost  

Germany hopes Ukraine will be able to meet the bulk of its military needs with the $50 billion in loans from the proceeds of frozen Russian assets agreed by the Group of Seven, and that funds earmarked for armaments will not be fully used. Germany will halve military aid for Ukraine next year, even with the possibility that Republican candidate …

Russia-Ukraine war: Billionaires make $11bn dividends as economy resumes
5 months, 2 weeks ago

Russia-Ukraine war: Billionaires make $11bn dividends as economy resumes

Live Mint  

-- Russian tycoons received billions of dollars in dividends as their companies resumed or boosted payouts amid easing economic uncertainty over the Kremlin’s war in Ukraine. Many commodities exporters have resumed payment of dividends after reshaping their businesses and re-routing sales toward markets in China, India and other Global South nations that haven’t implemented sanctions over the war in Ukraine. …

Canada’s defense investment plans put it on track to meet NATO guideline, minister says
6 months, 1 week ago

Canada’s defense investment plans put it on track to meet NATO guideline, minister says

Associated Press  

BRUSSELS — Canada looks on track to meet NATO’s military spending guideline by the end of the decade, Defense Minister Bill Blair said Friday, notably by boosting investment in the Arctic near its shared border with Russia as the region warms quickly because of climate change. After Russia annexed Ukraine’s Crimean Peninsula in 2014, NATO allies agreed to halt budget …

Russia plans higher taxes for rich, companies as cost of Ukraine war mounts
6 months, 3 weeks ago

Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

Al Jazeera  

New tax thresholds and hike in corporation tax are expected to raise about 2.6 trillion rubles a year. The amendments are expected to raise about 2.6 trillion rubles a year, the Interfax news agency reported, citing Finance Ministry calculations. “The changes are aimed at building a fair and balanced tax system,” Minister of Finance Anton Siluanov said in a statement, …

Sunak to challenge Nato countries to match 2.5pc defence spending
8 months ago

Sunak to challenge Nato countries to match 2.5pc defence spending

The Telegraph  

Rishi Sunak will use a summit to mark the 75th anniversary of NATO to lobby European countries to match Britain’s pledge to spend 2.5 per cent of national wealth on defence. “I will be arguing that, and I know that the Prime Minister feels strongly about it, when we go to the Nato 75th anniversary summit which is in Washington …

U.K. puts its defense industry on ‘war footing,’ pledges $620 million in new Ukraine aid
8 months ago

U.K. puts its defense industry on ‘war footing,’ pledges $620 million in new Ukraine aid

LA Times  

Britain’s Prime Minister Rishi Sunak, from right, Poland’s Prime Minister Donald Tusk and NATO Secretary General Jens Stoltenberg visit the Armourd Brigade barracks in Warsaw on Tuesday. British Prime Minister Rishi Sunak announced Tuesday that his country is putting its arms industry on a “war footing” by increasing defense spending to 2.5% of gross domestic product by the end of …

Global military spending climbed 7% in 2023 amid conflicts, think-tank SIPRI says
8 months ago

Global military spending climbed 7% in 2023 amid conflicts, think-tank SIPRI says

Hindustan Times  

Global military expenditure grew 7% to $2.43 trillion in 2023, the steepest annual rise since 2009 as international peace and security deteriorated, a leading think-tank said on Monday, Arms being transferred to Ukraine by United States. Nan Tian, senior researcher at SIPRI's Military Expenditure and Arms Production Programme, said: "States are prioritising military strength but they risk an action–reaction spiral …

War, fear of war spur global military spending to new record: SIPRI report
8 months ago

War, fear of war spur global military spending to new record: SIPRI report

Al Jazeera  

New high of $2.4 trillion is the ninth straight annual increase, suggesting the trend will continue, research institute says. Last year, Russia increased military spending by 24 percent to 6.9 percent of its GDP and 16 percent of all government spending. Its 2024 budget plans an even bigger increase – 70 percent on defence and security spending – to $157bn, …

Ukraine warns delays in Western aid supplies ‘costing lives and territory’
9 months, 4 weeks ago

Ukraine warns delays in Western aid supplies ‘costing lives and territory’

The Independent  

Sign up to Simon Calder’s free travel email for expert advice and money-saving discounts Get Simon Calder’s Travel email Get Simon Calder’s Travel email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Half of Western arms deliveries are being delayed and the hold-up is putting lives and territories …

Days after Trump warning, NATO says 18 of 31 members to hit defence spending target in 2024
10 months, 1 week ago

Days after Trump warning, NATO says 18 of 31 members to hit defence spending target in 2024

Firstpost  

18 of the 31 members of NATO are expected to reach the defense spending goal of two percent of GDP by 2024, Secretary Jens Stoltenberg said on Wednesday. Overall European allies and Canada will have added more than $600 billion to their defence spending since they set the two-percent target a decade ago, he said. Spurred on by Russia’s all-out …

Putin signs Russia’s largest national budget, bolstering military spending
1 year ago

Putin signs Russia’s largest national budget, bolstering military spending

Associated Press  

MOSCOW — Russian President Vladimir Putin on Monday signed a national budget for the next three years that increases spending by around 25% and reportedly devotes a record amount to defense as the the country’s military operation in Ukraine drags on. After the budget was passed by the lower house of the parliament, Speaker Vyacheslav Volodin said it was developed …

Russia’s parliament approves budget with a record amount devoted to defense spending
1 year, 1 month ago

Russia’s parliament approves budget with a record amount devoted to defense spending

Associated Press  

Russia’s parliament approved a federal budget Wednesday that increases spending by around 25% in 2024-2026 and devotes a record amount to defense. The budget for 2024-2026 was developed specifically to fund the Russian military and to mitigate the impact of “17,500 sanctions” on Russia, State Duma Chairman Vyacheslav Volodin said after the lower chamber approved it on Nov. 17. Under …

Russian lawmakers approve a budget with a record amount devoted to defense spending
1 year, 1 month ago

Russian lawmakers approve a budget with a record amount devoted to defense spending

Associated Press  

LONDON — The lower house of Russia’s parliament, the State Duma, approved a federal budget Friday that increases spending by around 25% in 2024 and devotes a record amount to defense. The budget for 2024-2026 was developed specifically to fund the Russian military and to mitigate the impact of “17,500 sanctions” on Russia, State Duma Chairman Vyacheslav Volodin said. The …

A record Russian budget will boost defense spending, shoring up Putin’s support ahead of election
1 year, 1 month ago

A record Russian budget will boost defense spending, shoring up Putin’s support ahead of election

Associated Press  

LONDON — Russia’s State Duma took a step forward Wednesday towards approving its biggest-ever federal budget which will increase spending by around 25% in 2024, with record amounts going on defense. The draft budget “is about getting the war sorted in Ukraine and about being ready for a military confrontation with the West in perpetuity,” said Richard Connolly, an expert …

Russia backs record increase in defence spending plans as Ukraine war rages on
1 year, 1 month ago

Russia backs record increase in defence spending plans as Ukraine war rages on

Live Mint  

Russian lawmakers backed a record increase in military spending to fund Moscow's offensive on Ukraine, in a first reading of the bill Thursday. Before the vote on Thursday, finance minister Anton Siluanov told lawmakers the proposed budget was "aimed at today's main task -- ensuring our victory." "The war has become existential for the Russian economy because a big part …

Ukraine plans big rise in defence spending in 2024 draft budget
1 year, 3 months ago

Ukraine plans big rise in defence spending in 2024 draft budget

Firstpost  

The finance ministry said in a statement that spending on defence was expected to be more than 21% of gross domestic product. The spending includes an allocation of 48.1 billion hryvnias for buying drones, which have been widely used by both sides in the almost 19-month-old war. The government approved a draft 2024 budget on Friday that puts the deficit …

Russia earns less from oil and spends more on war. So far, sanctions are working like a slow poison
1 year, 3 months ago

Russia earns less from oil and spends more on war. So far, sanctions are working like a slow poison

Associated Press  

The Russian ruble’s wobble in value has exposed a crack in President Vladimir Putin’s fortress economy, a vulnerability quickly plastered over by the Kremlin’s economic team in a move that allowed the currency to regain its footing, at least for now. Longer term, however, Russia’s economy is facing a “slow burn” under pressure from sanctions and Putin’s war spending, said …

Russia’s technocrats keep funds flowing for Vladimir Putin’s war
1 year, 5 months ago

Russia’s technocrats keep funds flowing for Vladimir Putin’s war

Hindustan Times  

VADIM, A CAR-PARTS dealer from a provincial Russian town, never supported the war. Indeed, he broadly backed the West’s sanctions on Russia: how else could you stop the “monsters” intent on destroying his country, as well as Ukraine, if not by hitting their pockets? Gross domestic product contracted by just 2.2% last year, smashing many economists’ expectations, made in the …

German Cabinet approves a lower 2024 budget as it eyes a return to financial ‘normality’
1 year, 5 months ago

German Cabinet approves a lower 2024 budget as it eyes a return to financial ‘normality’

Associated Press  

BERLIN — Germany’s Cabinet on Wednesday approved a draft 2024 budget that foresees lower spending, with defense among the exceptions, as Europe’s biggest economy sticks to rules limiting borrowing that were suspended during the coronavirus pandemic. Germany plans to reach a NATO target of spending 2% of gross domestic product on defense next year, a measure on which it has …

Ukraine war spurs record global spending on military, Stockholm think tank says
1 year, 8 months ago

Ukraine war spurs record global spending on military, Stockholm think tank says

The Hindu  

Global military spending rose to a record last year as Russia's war in Ukraine drove the biggest annual increase in expenditure in Europe since the end of the Cold War three decades ago, a leading conflict and armaments think tank said on Monday. Ukraine's military spending rose 640% in 2022, the largest annual increase recorded in SIPRI data going back …

World military spending reaches all-time high of $2.24 trillion
1 year, 8 months ago

World military spending reaches all-time high of $2.24 trillion

Al Jazeera  

Surge in spending reflects Russia-Ukraine war and ‘increasingly insecure world’, according to leading think tank. World military spending reached an all-time high of $2.24 trillion in 2022, as Russia’s invasion of Ukraine fuelled a sharp jump in military spending across Europe, according to a leading defence think tank. “While the full-scale invasion of Ukraine in February 2022 certainly affected military …

Budget 2023 analysis: Despite promises, military spending still ‘woefully lacking’
1 year, 9 months ago

Budget 2023 analysis: Despite promises, military spending still ‘woefully lacking’

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The government will Only a small proportion of the increase will address the major …

Budget 2023: Jeremy Hunt reveals £11bn for defence spending
1 year, 9 months ago

Budget 2023: Jeremy Hunt reveals £11bn for defence spending

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Jeremy Hunt said Rishi Sunak’s government would add £11bn to Britain’s …

Russia will run out of money next year, need 'friendly' nations to invest, says oligarch
1 year, 9 months ago

Russia will run out of money next year, need 'friendly' nations to invest, says oligarch

India Today  

Russia's treasury may run dry within a year, necessitating foreign investment, said outspoken Russian oligarch Oleg Deripaska at an economic conference in Siberia on Thursday. “There will be no money already next year, we need foreign investors,” he said in light of the Russia-Ukraine war, as per comments reported by TASS, a Russian state-owned news agency. Russia's economic output fell …

'Economic crisis awaiting.. Russia may run out of money by next year', claims outspoken Oligarch Deripaska
1 year, 9 months ago

'Economic crisis awaiting.. Russia may run out of money by next year', claims outspoken Oligarch Deripaska

India TV News  

Awaiting crisis: Amid the unprecedented crisis that erupted following the escalation of the brutal war against Ukraine, a Russian oligarch made a big claim wherein he asserted that Moscow would run out of money by 2024. According to outspoken Russian oligarch Oleg Deripaska, the country would plunge into further economic crisis, if it does not attract foreign investments. "There will …

Russian economy shrank 2.1% in 2022, much less than expected
1 year, 10 months ago

Russian economy shrank 2.1% in 2022, much less than expected

Al Jazeera  

The economy defied fears of a recession and previous predictions that it would contract by more than 12 percent. Russia’s economy contracted by 2.1 percent last year, the federal statistics service said on Monday, shrinking less than expected despite its invasion of Ukraine last February and sanctions imposed by European nations and the United States. The economy ministry had at …

Russia's Vladimir Putin says positive dynamic in military operation in Ukraine
1 year, 11 months ago

Russia's Vladimir Putin says positive dynamic in military operation in Ukraine

Hindustan Times  

Russian President Vladimir Putin said the special military operation was showing a positive trend and that he hoped Russian soldiers would deliver further gains after Soledar. Vladimir Putin On Russia-Ukraine War: Russian President Vladimir Putin "The dynamic is positive," Putin told Rossiya 1 state television. "And I hope that our fighters will please us even more with the results of …

Russian economy to decline by 2-2.5%: Putin after 6 months of war in Ukraine
2 years, 3 months ago

Russian economy to decline by 2-2.5%: Putin after 6 months of war in Ukraine

Live Mint  

Russian President Vladimir Putin said on Wednesday that Russia's economy will decline by 2-2.5 per cent, about six months after he declared a “special military operation” in Ukraine. Vladimir Putin said Russia's budget surplus would come in at 0.5 trillion roubles in 2022, and the GDP would fall by "around 2% or a little more." “I’m sure that we’ve lost …

Defense companies aren’t getting a boost from Russia’s war with Ukraine
2 years, 7 months ago

Defense companies aren’t getting a boost from Russia’s war with Ukraine

CNN  

New York CNN Business — When war breaks out, defense companies tend to make money. “Those investors expecting a quick boost in earnings at the defense contractors due to the war in the Ukraine will likely be sorely surprised,” wrote Bank of America. Production of Raytheon’s Stinger and Javelin missiles, key weapons in the Ukrainian resistance to Russia, were stalled …

Defence budget will not rise despite Ukraine war, Rishi Sunak signals
2 years, 9 months ago

Defence budget will not rise despite Ukraine war, Rishi Sunak signals

The Telegraph  

It had previously been suggested that the defence budget may increase amid concerns about the UK’s readiness for war if the conflict in Ukraine draws in Nato countries. Ministers are already planning to reduce troop numbers from 82,000 73,000 by 2025, while the high rate of inflation means the defence budget is shrinking in real terms, despite the planned top-up …

Britain’s defence spending set to fall because of soaring inflation
2 years, 9 months ago

Britain’s defence spending set to fall because of soaring inflation

The Telegraph  

The analysis was conducted last autumn. The fall in real terms spending could call into question a promise made in the 2019 Conservative manifesto to increase the defence budget above inflation “every year”. The drop is being cited by those in Whitehall arguing for a defence spending increase in Mr Sunak’s Spring Statement next week, given the Russian invasion of …

Jeremy Hunt calls for massive boost in UK defence spending
2 years, 9 months ago

Jeremy Hunt calls for massive boost in UK defence spending

The Telegraph  

Britain should increase defence spending to the same level as the US, Jeremy Hunt has proposed, as he declared: “Peace comes from strength, not luck.” Writing for The Telegraph, the former foreign secretary called the invasion of Ukraine “the biggest failure of Western foreign and security policy in our lifetimes”. Mr Hunt called for a step-change in UK defence spending …

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