Putin Significantly Increases Russia's Military Budget

Vladimir Putin, the President of Russia, has officially announced his agreement to a significant increase in military spending by signing the draft budget program. According to this program, about 30 percent of Russia's financial expenditures in 2024 will be allocated to the armed forces. This military budget increase reflects Russia's determination to continue the war in Ukraine. Moscow is also allocating more resources to fund the war, with defense and security spending expected to reach about 40 percent of total budget expenditures next year. Putin has also set an ambitious revenue target of $391 billion for the upcoming year, which may force Russia to raise business taxes based on high oil prices. The Russian budget plans had previously been approved by lawmakers in both houses of parliament, the State Duma and the Federation Council. On Thursday, November 2, the U.S. Treasury Department imposed 130 new sanctions to counter Russia's aggression against Ukraine. Janet Yellen, the U.S. Treasury Secretary, stated in this regard: 'Russia relies on individuals and entities willing to cooperate in third countries to replenish its military and continue its brutal war against Ukraine, and we will not hesitate to hold them accountable.' Since the beginning of Russia's invasion of Ukraine on February 24, 2022, the U.S., European Union, Canada, and Japan have expressed solidarity with Ukraine and provided extensive assistance while imposing several broad sanctions packages against Putin's war machine and its supporters.