The explosion in defence spending illustrates Moscow's determination to continue its assault on Ukraine despite the significant human and economic cost.
Moscow has already spent tens of billions of dollars on ammunition, missiles, tanks, drones, equipment and soldiers’ salaries since it sent troops into Ukraine in February 2022.
Before the vote on Thursday, finance minister Anton Siluanov told lawmakers the proposed budget was “aimed at today’s main task – ensuring our victory.”
“The war has become existential for the Russian economy because a big part of demand is now spread through the expanded military-industrial sector,” Alexandra Prokopenko, a former adviser at Russia’s central bank, told AFP.
Despite Western sanctions, Russia has continued to earn huge sums of revenue through its vital oil and gas exports, which it has reorientated away from Europe to the likes of China and India.
But the ruble’s volatility has stoked inflation at home and the central bank has hiked interest rates to 13 per cent in a bid to cool rapid price rises.
Russia has swung to a budget deficit since it launched its military offensive in Ukraine, forcing the finance ministry to increase borrowing from state banks and sell some foreign currency reserves.
The original article contains 602 words, the summary contains 178 words. Saved 70%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Moscow has already spent tens of billions of dollars on ammunition, missiles, tanks, drones, equipment and soldiers’ salaries since it sent troops into Ukraine in February 2022.
Before the vote on Thursday, finance minister Anton Siluanov told lawmakers the proposed budget was “aimed at today’s main task – ensuring our victory.”
“The war has become existential for the Russian economy because a big part of demand is now spread through the expanded military-industrial sector,” Alexandra Prokopenko, a former adviser at Russia’s central bank, told AFP.
Despite Western sanctions, Russia has continued to earn huge sums of revenue through its vital oil and gas exports, which it has reorientated away from Europe to the likes of China and India.
But the ruble’s volatility has stoked inflation at home and the central bank has hiked interest rates to 13 per cent in a bid to cool rapid price rises.
Russia has swung to a budget deficit since it launched its military offensive in Ukraine, forcing the finance ministry to increase borrowing from state banks and sell some foreign currency reserves.
The original article contains 602 words, the summary contains 178 words. Saved 70%. I’m a bot and I’m open source!