Russia: This is how Putin plans to finance the Ukraine war next year
The costs of the war against Ukraine are continuing to rise, as the new Russian budget shows. Now President Vladimir Putin wants to increase taxes.
Russia's President Vladimir Putin plans to increase the military budget next year, according to the 2027 budget draft submitted to parliament. The draft allocates 17.1 trillion rubles, or around 35% of the total budget, for defense, with overall state spending set at 48.8 trillion rubles. Russia is expected to spend 16 trillion rubles on the war against Ukraine this year, and 7.5-8% of its economic output on the war next year.
The government aims to reduce the budget deficit from 3.2% this year to 2.2% next year, partly by introducing new taxes.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
