The Russian parliament passed the 2024 budget, which increases military spending to more than a third of total government spending, the Kyiv Independent reported.
When combined with domestic law enforcement funding, the figure rises to 40%.
According to the Russian independent media Meduza, government spending on Russia's military sector will exceed social payments for the first time.
The budget has gone through all the necessary steps to become law, with only Russian dictator Vladimir Putin's signature remaining to take effect.
Since its first draft, the budget has undergone 900 amendments, and in the second draft, an additional 8.2 billion dollars have been allocated to the country's military sector.
In addition, Russia has set aside a significant amount of money, at least $2.6 billion, to be spent on the territories of Ukraine it illegally annexed in September 2022.
To finance increased military spending, Moscow will need increased revenues. Funding the first draft of the budget, which was smaller than the adopted final version, would reportedly require a 22% increase in state revenues from 2023 onwards.
The Russian government is considering raising taxes to compensate for the discrepancy./BGNES
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