As the Russian-Ukrainian conflict escalates, Russia raised its military spending target for next year by more than a quarter, abandoning its previous plan to stop increasing spending. According to people familiar with the matter, the government's new draft budget sets military spending at 17.1 trillion rubles in 2027, which is 27% higher than the previous target. The additional spending will raise the budget deficit to 2.2% of GDP next year. The previous target was 1.2%; the Russian government plans to fill the funding gap by raising the tax burden on residents and businesses again.
Zhitongcaijing · 1d ago
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As the Russian-Ukrainian conflict escalates, Russia raised its military spending target for next year by more than a quarter, abandoning its previous plan to stop increasing spending. According to people familiar with the matter, the government's new draft budget sets military spending at 17.1 trillion rubles in 2027, which is 27% higher than the previous target. The additional spending will raise the budget deficit to 2.2% of GDP next year. The previous target was 1.2%; the Russian government plans to fill the funding gap by raising the tax burden on residents and businesses again.
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