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AP-National

A record Russian budget will boost defense spending, shoring up Putin’s support ahead of election

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Published 11:28 AM

By EMMA BURROWS
Associated Press

LONDON (AP) — Russia’s State Duma passed a record federal budget in its second reading which aims to increase spending by around 25% in 2024, with record amounts going on defense. Defense spending is expected to overtake social spending next year for the first time in modern Russian history at a time when the Kremlin is keen to shore up support for President Vladimir Putin as Russia prepares for a presidential election in March. Record unemployment, higher wages and targeted social spending should help the Kremlin ride out the domestic impact of pivoting the economy to a war footing, but analysts say this could pose a problem in the long-term.

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