Overview

• Russian President Vladimir Putin has signed a national budget for the next three years that increases spending by around 25 percent.
• The budget reportedly devotes a record amount to defense as Russia's military operation in Ukraine continues.
• Spending in 2024 is expected to be 36.6 trillion rubles ($415 billion) with an expected deficit of 1.595 trillion rubles ($9.5 billion).
• Almost 40% of all federal spending will go toward defense and law enforcement in 2024.
• The budget was developed specifically to fund the military and to mitigate the impact of international sanctions imposed after Russia sent troops into Ukraine in February 2022.