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Putin prepares for a long war … “Next year’s defense spending will increase by 43%”

photo credit: Yonhap News

-Russian President Vladimir Putin is pursuing a plan to increase defense spending by more than 40 percent next year, following Russia’s first mobilization order since World War II, Bloomberg News reported.

According to a three-year fiscal plan confirmed by Bloomberg, Russia expects its defense spending next year to reach 5 trillion rubles, or about 119 trillion won, an increase of more than 43% over the initial budget.

Defense spending as a percentage of gross domestic product is expected to reach 3.3%, the second largest after social programs.

This tax plan, approved by the government, will then be finalized after the Senate and House of Representatives and the signature of the President.

According to the Stockholm Institute for International Peace, Russia was one of the top five countries in the world for defense spending last year, spending $ 65.9 billion, or about 93 trillion won, in spending. for defense, with an increase of 2.9% over the previous year.

However, Russia struggled for seven months, with a recent defeat on Ukraine’s northeastern front.

Bloomberg noted that mobilization orders and increased defense spending would be a further blow to an otherwise stagnant economy.

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