Russia’s defense spending rose nearly 40% in the first four months of the year, according to preliminary data released by the finance ministry on Wednesday.
Russia spent 1.7 trillion rubles ($ 26.4 billion) on defense between January and April, about 3.5 trillion rubles, or 2.6% of GDP, budgeted for 2022.
The ministry initially projected a budget surplus of 1% of GDP or 1.3 trillion rubles for 2022, but now expects a deficit of at least 1.6 trillion rubles, which would allow Western economic sanctions to help offset the unprecedented barrage effect. .
The government will use Russia’s National Wealth Fund (NWF), a rainwater cushion made from oil and gas revenues, to cover shortages, and to support stock and bond prices since sending tens of thousands of dollars to Moscow. February 24 Thousands of troops and heavy weapons in Ukraine.
The NWF has invested in some financial markets, and its value fell $ 20 billion to $ 155 billion between February and early April, according to data released Monday.
In April alone, Russia spent 628 billion rubles ($ 9.7 billion) on its military, up 128% from April 2021, helping to reduce the monthly state budget for the first time this year.
The finance ministry declined to comment on the increase in defense spending.
Thousands of civilians have been killed in Ukraine and more than 14 million people have fled their homes in a conflict that Russia says was necessary to counter Western aggression and protect Russian-speaking people from repression.
Ukraine says it is fighting an imperialist-style land grab and that Moscow’s demands for aggressive nationalism and the persecution of Russian-speakers are meaningless.