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Irina Okladnikova - 2 London CNN — - 1 Vladimir Putin - 1 Putin - 1 That’s - 1 Richard Connolly - 1 Janis Kluge - 1 Liam Peach - 1
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☆ The cost of war in Ukraine means growing economic pain for Russia
  + stars: | 2023-08-28 | by ( Clare Sebastian Hanna Ziady | Clare Sebastian | Hanna Ziady | ) edition.cnn.com   time to read: +8 min
That’s almost three times what Russia spent on defense in 2021, before its full-scale invasion of Ukraine in February 2022. Those figures are likely to underestimate the total spent on Russia’s war effort. He said that before the war Russia would typically splash around 3-4% of its annual gross domestic product on defense but now it could be anywhere between 8% and 10%. Russia’s exports are still greater than the value of its imports, despite a boost to the latter from the hefty military spending. Rising military spending is, on the other hand, boosting Russia’s industrial output and, with it, GDP.
Persons: London CNN —, Vladimir Putin, Putin, That’s, Richard Connolly, Janis Kluge, Irina Okladnikova, Liam Peach, it’s, Peach, Kluge, “, ”, —, Maksim Konstantinov, Alexandra Suslina, Suslina, Alexandra Prokopenko, Prokopenko, — Anna Cooban, Tim Lister, Olesya Dmitracova Organizations: London CNN, Reuters, Stockholm International Peace Research Institute, Royal United Services Institute for Defence, Security Studies, German Institute for International and Security Affairs, Capital Economics, CNN, “, ZUMA, International Monetary Fund, Carnegie Russia Eurasia Center, International Energy Agency, West Locations: “, Ukraine, Russia, Stockholm, Moscow, “ Russia, Russian, Saint Petersburg, Soviet, Berlin
☆ Higher debt burden 'inevitable' as Russia spends on military bloc -finance ministry
  + stars: | 2023-07-18 | by ( ) www.reuters.com   time to read: +2 min
Russia's current level of debt is 22.8 trillion roubles, or 14.9% of gross domestic product (GDP), Deputy Finance Minister Irina Okladnikova said on Tuesday, naming 20% of GDP as the upper boundary of the safe debt limit. "We understand that in the current situation, we will increase debt, it is a hopeless situation," said Okladnikova at a meeting in Russia's upper house of parliament. "Therefore, we will increase debt, but we will try to remain within safe limits," Okladnikova said. Finance Minister Anton Siluanov said 2024 budget spending would be cut by around 450 billion roubles - 10% of so-called 'unprotected' spending - to free up money for other priorities. "We have budget expenditure of a little more than 29 trillion roubles," he said, with just 4.5 trillion in line for cuts, implying around 450 billion roubles (4.97 billion) slated for redistribution next year.
Persons: Irina Okladnikova, Okladnikova, Anton Siluanov, Siluanov, Darya, Alexander Marrow, Alexandra Hudson Organizations: Alexandra Hudson Our, Thomson Locations: Moscow, Ukraine's Donetsk, Luhansk, Kherson, Zaporizhzhia, Kyiv
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