Russia To Hike Defense Spending By 70% Next Year

Russia To Hike Defense Spending By 70% Next Year

Oct. 1, 2023, 7:23 a.m.

The Russian government has revealed a plan to increase defense spending by 70 percent next year.

The Kremlin submitted a budget plan for the next three years to the lower house of parliament on Friday.

Under the plan, next year's defense spending will swell to nearly 10.8 trillion rubles, or more than 111 billion dollars.

The figure is expected to account for 6 percent of GDP. That's more than double the 2.6 percent in 2021, the year before Russia began its invasion of Ukraine.

State-run TASS news agency quoted Kremlin spokesperson Dmitry Peskov as saying that increasing defense spending is "absolutely necessary."

Peskov said a "hybrid war" has been unleashed against Russia, and Moscow is continuing the "special military operation" in Ukraine, and this requires "great spending."

Observers say the Putin administration plans to boost the production of ammunition and other weapons as Russia intends to continue its invasion.

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