Russia is planning significant economic changes for the next year, with a focus on increasing its military spending.
According to a draft budget, Russia aims to boost its military expenditures to over $133 billion in 2024, up from $66.5 billion this year.
This information comes from Bloomberg reports.
The increase will make military spending account for 6% of Russia's GDP, compared to 3.9% this year and 2.7% in 2021.
One reason for the increase is the expected rise in revenue from gas and oil.
In comparison, NATO countries aim to allocate 2% of their GDP to defense, a target few actually meet.
Russia continues to direct significant resources to the conflict in Ukraine and appears to have the means to do so in the future.
