Skip to content
Edit post

Reuters: Russia doubles defense spending plan for 2023

by Martin Fornusek August 4, 2023 12:17 PM 2 min read
A Russian T-14 Armata tank participates in a Victory Day Parade night rehearsal on Tverskaya street on May 4, 2022 in Moscow, Russia. (Photo by Oleg Nikishin/Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

Russia has doubled its defense spending plan for 2023 to more than $100 billion, which makes up one-third of all public expenditures, Reuters reported on Aug. 4.

In the first half of 2023, Russian defense spending amounted to 5.59 trillion rubles ($59 billion), which was 37.3% of a total of 14.97 trillion rubles ($156 billion) spent by the state in that period, Reuters said.

The news agency reported this by citing an exclusive document it has obtained as the Russian specific-sector expenditures are no longer public.

As Reuters pointed out, Russia's budget is in a $28 billion deficit, among other reasons due to decreasing export profits.

A large section of Russia's profits has been traditionally made up of oil and gas export revenues. The European market, previously a major target for these exports, is steadily drying up due to the Western pushback to the Russian invasion of Ukraine.

Rising military costs could further widen this deficit, Reuters said.

In January and February of 2023, Russia's public data showed a defense spending of 2 trillion rubles ($21 billion), which was a 282% increase compared to the same period in 2022.

Ukraine, allies must do more to hit Russia’s economy, says Moral Rating Agency head
As Yevgeny Prigozhin’s mutiny exposed Russia’s political weakness, there’s an opportunity to follow up with an economic punch by targeting foreign companies that stayed in the country. This is the belief of Mark Dixon, the director of the Moral Rating Agency, which scrutinizes foreign companies tha…
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
2:37 AM

Russia attacks 13 communities in Sumy Oblast, injuring 1.

Russian forces struck 13 communities in Ukraine's northeastern Sumy Oblast in 54 separate attacks throughout the day, the regional administration reported on April 20. At least 283 explosions were reported in Sumy Oblast over the past 24 hours.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.