A large portion of Russia’s budget has been allocated to defense spending.

A large portion of Russia’s budget has been allocated to defense spending.

The State Duma, the lower house of Russia’s parliament, on Friday approved the federal budget, which has increased spending by about 25 percent in 2024 and a large amount has been allocated for defense spending. State Duma Chairman Viacheslav Volodin said the 2024-2026 budget was designed specifically to take into account the Russian military and to reduce the impact of “17,500 sanctions” on Russia. Under the expenditure plan, defence, the largest ever in the country’s modern history, is expected to exceed expenditure on social goods next year for the first time. This development comes amid the Kremlin’s efforts to garner support for President Vladimir Putin ahead of the presidential elections to be held in March. According to analysts, lower unemployment, higher wages and targeted social spending should help the Kremlin strengthen the economy, according to the Russian President’s Office.

Richard Connolly, a Russia military and economy expert at the London-based Royal United Services Institute, said the budget takes into account the Russia-Ukraine war and the continuation of military confrontation with the West. According to the news of Russia’s government news agency ‘Tass’, the Russian Communist Party voted against the budget. The party criticized the budget for allocating less amount under pension head and lack of adequate financial support for the elderly. The budget will now be sent to the ‘Federation Council’, the upper house of the Russian parliament, for passage. “In these difficult circumstances, we have managed to approve a budget that will not only allocate the necessary funds for defense, but will also provide all the necessary funds for the government’s social obligations,” said State Duma Deputy Chairman Alexander Zhukov. Will do.”

Russia’s Finance Ministry said it expected spending in 2014 to reach 36.66 trillion rubles (about US$411 billion). Independent journalists Farida Rustamova and Maksim Tovkaylo said on their Telegram channel that about 39 percent of federal spending in 2024 will be allocated to defense and law enforcement.

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