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Putin Signs Russia's Biggest Budget, Increases Military Spending

Putin Signs Russia's Biggest Budget, Increases Military Spending

Russian President Vladimir Putin on Monday signed a national budget for the next three years, according to which spending will increase by 25 percent.

It is reported that a record part of the budget will be allocated for defense, as the Russian army continues the war against the aggressor in Ukraine.

The budget foresees spending in 2024 worth $415 billion, with a deficit expected to be $9.5 billion.

After the budget was approved by the lower house of Parliament, Speaker Vyacheslav Volodin said the budget was drawn up specifically to fund the military and reduce the impact of international sanctions imposed on Russia after it sent troops to launch an unprovoked invasion of Ukraine. in February 2022.

A record low unemployment rate, high wages and social spending should help the Kremlin overcome the domestic influence of the economy's concentration on the military, but that could spell trouble in the long run, analysts say.

Part of the Russian budget is secret, as the Kremlin tries to keep military plans under wraps and avoid criticism of the war in Ukraine.

But according to independent business journalists Farida Rustamova and Maksim Tovkaylo, about 39 percent of all federal spending will go to defense.

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