Russia increases military spending as Putin prepares for years of war, Bloomberg reports
Russia is preparing for the war in Ukraine to last for years, as record military spending in its draft 2027 budget indicates.
Source: Bloomberg
Quote: "The shift offers one of the clearest indications yet of how deeply embedded conflict has become in Russian President Vladimir Putin's priorities, even as strain on the economy and public finances mounts. It's also likely to ratchet up pressure on Europe, as he seeks to deter the continent's continued support of Ukraine." [N.B. Ukrainska Pravda does not recognise Putin as president – ed.]
Details: Russia's military spending next year is projected at RUB 17.1 trillion (about US$205 billion), more than 40% higher than planned for 2026 and almost 380% higher than before Russia's full-scale invasion of Ukraine.
Officials forecast only a slight reduction in spending to RUB 16.6 trillion (US$198.7 billion) in 2028 and RUB 16.3 trillion (US$195.1 billion) in 2029.
Quote: "The trajectory is a sharp reversal from a year ago, when Moscow was planning to moderate growth in military expenditures as it sought to narrow the budget deficit and rebuild reserves depleted during the war. Instead, the new budget lands at a time when US-brokered negotiations are largely stalled, European officials are increasingly warning of hybrid attacks directed from Moscow and Russia is continuing to hammer Ukrainian cities and infrastructure."
Details: Bloomberg notes that Kremlin ruler Vladimir Putin underscored how much the situation has changed when he again threatened on 1 October to use Russia's entire arsenal of weapons if anyone sought to attack Kaliningrad Oblast or another Russian region.
Putin also said that "no one currently has such means of destruction as the Russian Federation".
Meanwhile, European officials are warning of the risk of Moscow intensifying its hybrid campaign aimed at increasing pressure on Ukraine's allies.
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