The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

World

Putin approves record defense spending – a third of Russia’s budget

by December 2, 2024
December 2, 2024
Putin approves record defense spending – a third of Russia’s budget

Russian President Vladimir Putin has approved a record-breaking defense budget, setting aside a staggering third of the government’s total spending as the war in Ukraine drains resources from both sides nearly three years on.

The budget for 2025, which was published Sunday, allocates about $126 billion (13.5 trillion rubles) to national defense – amounting to 32.5% of government spending.

The defense budget is about $28 billion (three trillion rubles) higher than the previous record set this year.

The new three-year budget forecasts a slight reduction in military spending for 2026 and 2027. Lawmakers in both houses of the Russian parliament approved the budget.

Russia’s war in Ukraine is the biggest conflict in Europe since World War II. Moscow is currently making gains at key spots along the frontlines and fighting a counteroffensive in Kursk region – the site of Kyiv’s only major military success this year.

But the slow, grinding war – often called a war of attrition, where both sides are trying to wear down the other – has drained both countries’ resources.

Ukraine has always been on the back foot when it comes to both material and manpower, though it has received billions of dollars in help from its Western allies. How much aid will continue to come from the United States once President-elect Donald Trump takes office remains to be seen.

Meanwhile, Russia has more weapons, more ammunition and more people – but the strain on its economy and population is growing.

Russia has massively increased its military spending over the past two years and its economy is now showing signs of overheating: inflation is running high, and companies are facing labor shortages. Trying to control the situation, the Russian Central Bank has raised interest rates to 21% in October, the highest in decades.

And while Russia has many more people than Ukraine, it is suffering significant battlefield losses and recruitment of new troops is already a problem – the last time the Russian military introduced a partial mobilization, hundreds of thousands of men fled the country.

North Korea recently sent an influx of soldiers to help Russia fight on the frontlines – Ukrainian President Volodymyr Zelensky said in November that about 11,000 North Korean soldiers were in Kursk.

The North Korean troops may help Russia’s efforts for some time – but the material losses could be harder to make up for.

This post appeared first on cnn.com
0
FacebookTwitterGoogle +Pinterest
previous post
Death toll rises to 130 in northwest Pakistan sectarian violence, officials say
next post
Crowd crush at Guinea football match causes casualties, prime minister says

You may also like

Liberia’s President George Weah concedes victory after tight...

Netanyahu unveils plan for Gaza’s future post-Hamas

The burning acid behind ant stings was spotted...

Netanyahu aide leaked classified document to influence public...

What happens next after Francis’ death? How the...

Ugandan opposition leader Bobi Wine arrested at airport...

Guatemalan president-elect suspends presidential transition process

Frustrations spill over in Israel as hostage families...

Austria’s JJ wins Eurovision 2025 with ‘Wasted Love’

China #MeToo journalist and labor activist expected to...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • ‘A fear campaign.’ Students around the world are shocked, scared and saddened...

    • North Korea deploys mystery balloon-like objects to stricken warship, satellite photos show

    • NVIDIA Rallies After Strong Q1, AI Demand Outshines China Export Hit

    • US senators meet with Zelensky in Kyiv as doubt cast over upcoming Ukraine-Russia peace talks

    • Israel’s plan to ‘conquer’ Gaza is leaving Palestinians with little place to go: 5 maps show how

    Categories

    • Business (1,673)
    • Investing (4,999)
    • Politics (7,837)
    • World (6,349)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top