Reuters reported that Russia will spend over $100 billion on its military in 2023.
On the heels of legislation to expand the pool of those eligible for military service, which includes raising the maximum age for conscription from 27 to 30, a government document has revealed that Moscow has doubled its 2023 defense spending target to over $100 billion.
Details on expenditure for each sector of the Russia economy are no longer published, but figures reported by Reuters showed that defense spending in the first six months of 2023 was 5.59 trillion rubles, or 37.3 percent of a total 14.97 trillion rubles spent in that period. Russian President Vladimir Putin chairs a Security Council meeting via a video conference at the Kremlin in Moscow on August 4, 2023. His full-scale invasion of Ukraine now costs over a third of Russia's national budget, according to a document reported by Reuters.In the first half of this year, Moscow spent 12 percent, or 600 billion rubles, more on defense than the nearly five trillion it had originally planned to spend in the entire year of 2023.
Reuters also reported that the document estimated annual defence spending of 9.7 trillion rubles ,or one third of the total spending target of 29.05 trillion rubles —the highest proportion of Russia's budget spent on the military in at least the last decade.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive-Russia doubles 2023 defence spending plan as war costs soar-documentRussia has doubled its 2023 defence spending target to more than $100 billion - a third of all public expenditure - a government document reviewed by Reuters showed, as the costs of the war in Ukraine spiral and place growing strain on Moscow's finances. The figures shed light on Russia's spending on the conflict at a time when sector-specific budget expenditure data is no longer published. They show that in the first half of 2023 alone, Russia spent 12%, or 600 billion roubles, more on defence than the 4.98 trillion roubles ($54 billion) it had originally targeted for 2023.
Read more »
2023 NCAAF Win Totals Bets for 2023 - Andrew Caley's Favorite NCAAF Over/UndersWe're closing in on college football season, and one of the best ways to get into the action immediately is to wager on regular season win totals! Covers_Caley has identified 5️⃣ appealing sides you should bet before the start of the season.
Read more »
Exclusive: Russia doubles 2023 defence spending plan as war costs soarRussia has doubled its 2023 defence spending target to more than $100 billion - a third of all public expenditure - a government document reviewed by Reuters showed, as the costs of the war in Ukraine spiral and place growing strain on Moscow's finances.
Read more »
Russia Expects $11 Billion Energy Windfall in 2023 Despite CapRussia expects to get a huge inflow of energy revenue by the end of this year despite an oil price cap imposed by Group of Seven nations, and may channel it toward spending as the government continues to pour resources into the war in Ukraine.
Read more »
AI chip developer gets $100 million from Samsung and HyundaiThe investments come as the AI chip market is currently dominated by Nvidia, who has the most powerful chips available to developers, and companies like Tenstorrent are seeking to take a share.
Read more »