“Russia is set to hike defence spending by almost 70 percent in 2024, a finance ministry document published Thursday showed, as Moscow pours resources into its full-scale offensive in Ukraine.
Since the conflict began last year, Russia has ramped up arms manufacturing and pumped massive funds into its military machine, despite persistently high inflation and a weaker ruble.
The document said defence spending was set to jump by over 68 percent year-on-year to almost 10.8 trillion rubles ($111.15 billion), totalling around 6 percent of GDP — more than spending allocated for social policy.”