Defense spending will remain a priority for the Russian budget. This was stated by Russian President Vladimir Putin during a meeting with members of the government on Tuesday, where they discussed the preparation of a draft budget for 2025 and the next three years, The Moscow Times reports, according to UNN.
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According to Putin, in addition to “increasing defense capabilities,” the main areas of budget spending should include “integration” of the annexed regions of Ukraine, social support for citizens, and “technological development of the domestic economy.
“New national projects will be launched next year. To ensure their successful implementation, it is necessary to provide financial resources and include them in the federal budget in the required amount,” Putin said, addressing the ministers.
He also added that “strategic decisions on the adjustment of the tax system” have an important role to play, referring to the tax hikes for individuals and businesses, which the Ministry of Finance estimates will bring in 17 trillion rubles to the treasury over the next six years.
In the 2024 budget, the government has allocated 10.8 trillion rubles for military spending, 60% more than a year ago and three times more than in pre-war 2021. The purchase of weapons and the maintenance of the armed forces is allocated 30% of the total budget, a record share since the Soviet era.