Russian lawmakers approve massive increase in defence spending

Russian lawmakers approved a nearly 30 percent increase in defense spending for next year, totaling a record 13.5 trillion rubles ($134 billion) allocated for “national defense” – more than six percent of Russia’s GDP. President Vladimir Putin stated that Moscow is already spending close to nine percent of its economy on defense and security, the highest level since the Cold War, including other security-related expenditures not classified as “national defense”. This decision commits the country to further significant expenditures on its military offensive against Ukraine.

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