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"We now know for sure that the great fire of the Marywilska shopping centre in Warsaw was caused by arson ordered by the Russian special services," Prime Minister Donald Tusk said on X. "Some of the perpetrators have already been detained, all the others are identified and searched for."

This week, the world watched in anticipation for Russia’s Victory Day parade after President Volodymyr Zelensky commented that he could not guarantee the safety of those attending. Meanwhile, the European Union moves one step forward to banning Russian gas from the European continent. It is also revealed this week that U.S. Secretary of Defense Pete Hegseth has fallen out of step with the White House.

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Bloomberg: Russia plans massive hike in defense spending in 2024

2 min read
Bloomberg: Russia plans massive hike in defense spending in 2024
Russian military personnel arrive to participate in the Victory Day parade held at Moscow's Red Square on May 9, 2023. (Photo credit: Kirill Kudryavtsev/AFP via Getty Images)

Next year, Russia's defense spending will be increased to 6% of the country's gross domestic product (GDP) from 3.9% this year and 2.7% in 2021, Bloomberg reported on Sept. 22.

Based on the proposals discussed by the Russian government on Sept. 22, defense spending in 2024 would amount to 10.8 trillion rubles ($112 billion), compared to 6.4 trillion rubles ($67 billion) in 2023, Bloomberg said.

Based on the draft budget plans seen by Bloomberg, secret expenditure of classified or unspecified items that the Kremlin keeps from the public to avoid scrutiny of the war's impact is expected to nearly double.

According to the news outlet, classified expenditures would rise from 6.5 trillion rubles ($68 billion) this year to $11.1 trillion rubles ($116 billion) in the next, amounting to 30% of the total budget spending.

Reuters reported in August that Russia doubled its defense spending for this year to over $100 billion after it spent 5.59 trillion rubles ($59 billion) on military expenditures already in the first six months.

Although the country's January-August 2023 budget deficit amounts to $24 billion, Moscow reportedly expects the deficit to nearly halve next year, making it only 0.9% of its GDP compared to 1.8% in 2023.

Russia also expects a rise in oil and gas revenue, which makes up a significant chunk of the country's income, according to Bloomberg.

Russia has been seeking new markets for its oil products, namely in India and China, as Europe seeks to decouple itself from Russian fossil fuels due to the full-scale invasion of Ukraine.

However, Global Witness reported in August that countries like Spain and Belgium import a record volume of liquified natural gas from Russia, further filling Moscow's coffers with energy export revenue.

Oleg Sukhov: The West lacks political will to ensure Ukraine’s victory
As President Volodymyr Zelensky makes a long-awaited trip to the U.S., the White House is set to announce a new $325 million military aid package. According to reports, it will again be missing the much-desired ATACMS long-range missiles, which Kyiv says may turn the tide of Russia’s ongoing
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Martin Fornusek

Senior News Editor

Martin Fornusek is a news editor at the Kyiv Independent. He has previously worked as a news content editor at the media company Newsmatics and is a contributor to Euromaidan Press. He was also volunteering as an editor and translator at the Czech-language version of Ukraïner. Martin studied at Masaryk University in Brno, Czechia, holding a bachelor's degree in security studies and history and a master's degree in conflict and democracy studies.

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