Russia's defense spending target of more than $100 billion is now a third of all public expenditure, a government document reviewed by Reuters showed. Russia doubles 2023 defense spending plan as war costs soar:
LONDON - Russia has doubled its 2023 defence spending target to more than $100 billion - a third of all public expenditure - a government document reviewed by Reuters showed, as the costs of the war in Ukraine spiral and place growing strain on Moscow's finances.
Defence spending in the first six months of 2023 amounted to 5.59 trillion roubles, 37.3% of a total 14.97 trillion roubles spent in the period, the document showed. Russia's budget plan envisages 17.1% of total funds spent on "National Defence".Rising war costs are supporting Russia's modest economic recovery this year with higher industrial production, but have already pushed budget finances to a deficit of around $28 billion - a figure compounded by falling export revenues.
The last publicly available data showed Moscow had spent 2 trillion roubles on the military in January and February. In the first half of this year, budget expenditure was 2.44 trillion roubles higher than the same period of 2022. Based on the document, 97.1% of that extra sum was directed to the defence sector.
Specific defence funding falls under closed expenditures, but some data, though no longer public, is circulated. For example, the document shows that Russia spent almost 1 trillion roubles on military salaries in the first half, 543 billion roubles more than in the same period last year. "The military industrial complex is enabling industrial growth, 'civilian' industries are slowing down again," said Dmitry Polevoy, head of investment at Locko-Invest, after last week's industrial output data for June.
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