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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)
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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…
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