NewsMajor escalation: Russia to boost military expenditure by 70% next year

Major escalation: Russia to boost military expenditure by 70% next year

Huge military budget. Putin signed a decree.
Huge military budget. Putin signed a decree.
ed. ROP

5:07 PM EST, November 28, 2023

Vladimir Putin has sanctioned a considerable escalation in military expenditure. As per the stipulations of the adopted budget bill for 2024, Russia is set to allocate approximately 30 percent of its total spending on military purposes from January onwards.

On Monday, Vladimir Putin endorsed a series of laws pertinent to the Russian Federation's budget for the forthcoming year. The validated documents include provisions for military expenditure, which in 2024 will soar by nearly 70 percent compared to 2023.

Russia has set a lofty revenue target of $391.2 billion for 2024, signifying a projected growth of 22.3 percent year on year, as per Reuters.

Analysts speculate that the Russian government might need to amplify taxes on business operations, if these presuppositions prove to be overly optimistic. Budget plans have already received approval from both chambers of the parliament: the State Duma and the Federation Council.

Rising casualty figures among Russians

On Monday, the British Ministry of Defense stated that the preceding six weeks have potentially seen one of the highest casualty rates on the Russian side since the war's inception.

In the daily intelligence briefing, it cited data from the Ukrainian general staff asserting that in November, the number of Russian casualties is averaging 931 daily. Prior to this, the deadliest month for Russia was March 2023, with an average of 776 losses per day, during the peak of the Russian onslaught on Bahmut.

British intelligence implies that the current high Russian casualty figures are predominately due to the Russian army's attack on the city of Avdiivka in Donbas. The British asserted that even though intelligence can't confirm the methodology, the Ukrainian side's reported figures for both casualties and injuries are plausible.

Related content