AdvertisementPutin has signed off on a record defense budget for 2025 amid the ongoing Ukraine war. Defense spending will rise to 13.5 trillion rubles, making up a third of the country's budget. Russian President Vladimir Putin has signed off a federal budget that will boost defense spending to a record level next year. However, Russia's economy is under pressure, with wartime activities driving the economy so hot that inflation has spiked. Russia's economy ministry forecasts that the country's economy will grow by 3.9% this year and 2.5% next year.

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Persons: Vladimir Putin, Putin, Russia's, Andrei Kostin, VTB —, —, Kostin Organizations: Putin, Defense, Russian, Russia, Institute for, Reuters, Monetary, IMF Locations: Ukraine, Russian, Russia, Russia's