Report: Russia plans huge defence spending hike in 2024

Russia plans a huge hike in defence spending next year, swelling to 6% of gross domestic product (GDP), up from 3.9% in 2023 and 2.7% in 2021, Bloomberg News reported.

Reuters could not immediately verfiy the report.

Moscow doubled its target for defence spending in 2023 to more than $100 billion, Reuters reported exclusively in August, as the costs of the war in Ukraine spiral and place growing strain on Moscow’s finances.

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 $24 billion – a figure compounded by falling export revenues.

The government was due to discuss draft budget proposals on Friday.