Russia's parliament approved a federal budget Wednesday that increases spending by around 25% in 2024-2026 and devotes a record amount to defense.
The budget was passed unanimously by the Federation Council — the upper chamber of the Russian parliament — and will be sent to President Vladimir Putin to sign it into law.
Under the budget, the country’s largest, defense expenditure is expected to overtake social spending next year for the first time in modern Russian history.
It comes as the Kremlin is eager to shore up support for President Vladimir Putin before a March presidential election.
Record low unemployment, higher wages and targeted social spending should help the Kremlin ride out the domestic impact of pivoting the economy to a war footing but could pose a problem in the long term, analysts say.
Persons:
—, Vladimir Putin, Vyacheslav Volodin, ”, Richard Connolly
Organizations:
Federation Council, Royal United Services Institute
Locations:
Russia, Ukraine, London