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Russia doubles military expenditures for 2023 - Reuters

Russia doubles military expenditures for 2023 - Reuters Russia doubles military expenses for 2023 (Photo: Getty Images)

According to Reuters, Russia has taken a significant step by doubling its military expenditures. These expenditures now account for a staggering one-third of the country's total state spending.

According to the publication, referencing an official Russian government document, in just the first half of 2023, Russia's defense spending has exceeded the initial year's plan by a considerable 12% (equivalent to 600 billion rubles).

Overall, Russia has expended a total of 14.97 trillion rubles within the first six months of 2023, with 5.59 trillion rubles allocated to defense alone, constituting more than 37% of the total expenditures. The nation's budget has set aside 17.1% of the overall funds for what they term "national defense."

The rise in defense spending is partially supported by a moderate recovery of the Russian economy through manufacturing; however, this has concurrently led to a budget deficit of about 28 billion dollars. This figure is expected to increase over time.

As per the publication's data, from the years 2011 to 2022, Russia allocated a minimum of 13.9% and a maximum of 23% of its budget to defense. The document suggests that Moscow has already utilized 57.4% of its new annual defense budget. This shift in financial allocation has resulted in reductions in funding for schools, hospitals, and infrastructure in favor of defense and security efforts.