Russian Govt. announces a massive 68% hike in military spending for 2024

Russian President Vladimir Putin gave his official approval to a significant increase in military spending for 2024 that will see around 30% of fiscal expenditure directed towards the armed forces as he signed draft budget plans into law.

Worth mentioning that Moscow is diverting ever more resources towards prosecuting its war in Ukraine.

Spending on defence and security combined is set to reach around 40% of all budget expenditure next year.

While, the spending on defence is set to increase by almost 70% in 2024 from 2023.

Russia has an ambitious 2024 revenue target of 35.1 trillion roubles ($391.2 billion) next year, a 22.3% planned increase year-on-year.

Noteworthy, the budget plans had already been approved by lawmakers in both houses of parliament, the State Duma and Federation Council.