"Russia to increase defense spending by 23% next year"...Concerns over a prolonged war in Ukraine

Russia, which has been fighting the war against Ukraine for three years, plans to significantly increase its defense spending next year, foreign media said.

The draft of a three-year fiscal plan from 2025 to 2027, released on the Russian parliament's website, sets the Russian government's defense budget for next year at 13.5 trillion rubles and around 190.755 trillion won in our money, according to Reuters and others.

Reuters reported a 23% increase in next year's budget compared to this year's defense spending.

Spending on defense and security combined amounts to 41.5 trillion rubles and about 586.395 trillion won, accounting for about 40% of Russia's total government spending next year.

As the Russian government drastically increased its defense budget, there are also concerns that the end of the war in Ukraine could be far away.

Bloomberg said Russia's defense spending for next year is higher than the combined budget for education and health care, social policy and the national economy.

Russia, which invaded Ukraine in February 2022, is likely to use the increased defense spending to expand missiles and drones and pay hundreds of thousands of soldiers.

Russia predicts that defense spending will fall slightly to 12.8 trillion rubles and about 180.864 trillion won in 2026.

The three-year fiscal plan approved by the Russian government will be finalized after the Senate and House resolutions and the signature of President Vladimir Putin.