Russia's 2024 military budget exceeds total EU defense spending – FT

The outlet notes that Russia’s military spending, driven by Vladimir Putin’s war economy, now exceeds the total defense budgets of Europe.

In 2023, Russia’s total defense spending rose by 42%, reaching 13.1 trillion rubles ($462 billion).

For comparison, European defense budgets, including those of the UK and EU member states, increased by nearly 12% last year to $457 billion - slightly less than Moscow’s military expenditures, according to the International Institute for Strategic Studies (IISS).

The outlet noted that the military balance, an annual assessment of global military capabilities and defense spending, highlights some of the security challenges that Europe would face if the United States reduced its support for Ukraine and European defense.

Meanwhile, US President Donald Trump, who has pledged to swiftly end Russia’s war against Ukraine, claimed his administration held very serious talks with Moscow and complained that the US spends too much on the war and European security overall.

IISS forecast

According to the International Institute for Strategic Studies (IISS), Russia’s total defense spending, including so-called voluntary contributions from regional authorities and companies, is expected to rise by another 13.7% this year, reaching 15.6 trillion rubles. This equates to 7.5% of Russia’s GDP or nearly 40% of federal expenditures.

Despite sanctions pressure, Moscow remains capable of sustaining its war expenses, the IISS noted.

Increasing NATO defense spending

Trump has repeatedly urged NATO allies to increase their defense spending.

Last year, he even threatened to encourage Russia to do whatever it wants with Alliance members that fail to meet their financial commitments.

In January, Trump called on NATO countries to raise defense spending to 5% of GDP.