Putin trumps West's sanctions as Moscow proposes largest-ever federal budget with defence focus
File photo of the Russian President Vladimir Putin
Russia's Duma, the country's equivalent of a parliament, on Wednesday (Nov 15) moved towards the approval of its largest-ever federal budget since the disintegration of Soviet Union. The projection denotes a whopping 25 per cent increase in spending for 2024 with focus on defence.
What does it mean?
The proposed budget signals a historic shiftas defence expenditures are expected to surpass social spending ahead of the upcoming presidential election in March. The robust budget is facilitated by Russia's ability to withstand sanctions due to sustained revenue from oil exports, despite being shunned in the West.
Experts cited in the western media viewed it as a strategic move aimed at addressing conflicts in Ukraine and preparing for potential military confrontations with the West and called ita comprehensive remilitarisation of Russian society.
"This amounts to the wholesale remilitarisation of Russian society," Richard Connolly, an expert on Russia’s military and economy at the Royal United Services Institute in London told Associated Press.
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Russia 2024 annual budget: Specific proposals
The draft budget outlines an expected expenditure of 36.66 trillion rubles (approximately $411 billion) in 2024, with a forecasted budget deficit of 0.8 per cent of Russia's Gross Domestic Product (GDP).
Also watch |Russia to increase spending in 2024
Notably, a significant portion of the budget is yet to be disclosed, reflecting the budgetary spending that could have been proposed towards Moscow's war-effort in Ukraine that began in February 2022 and is continuing since.
Approximately 39 per cent of federal spending in 2024 is allocated to defence and law enforcement, according to independent business journalists Farida Rustamova and Maksim Tovkaylo, Associated Press reported.
Besides, Russia's Central Bank, expecting 4.5 per cent inflation in 2024, has raised key interest rates to 15 per cent to counter inflationary pressures.
Russia's move towards a record federal budget signals a specific focus on defence amid potential economic challenges they may pose in the long term.
(With inputs from agencies)