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Reuters
Reuters
Business

Russia's defence spending jumped 282% y/y to $26 billion in Jan-Feb -budget data

Russian Defence Minister Sergei Shoigu inspects newly installed silo-based "Yars" strategic missile systems in the Kaluga Region, Russia, in this still image taken from video released April 19, 2023. Russian Defence Ministry/Handout via REUTERS/File Photo

Russia spent 2 trillion roubles ($26 billion) on defence in January and February alone, a 282% jump on the same period a year ago, data on the budget portal showed, illustrating the spiralling costs for Moscow of its conflict in Ukraine.

Rising military production and huge state spending are keeping Russia's industry buzzing along, helping soften the economic impact of Western sanctions.

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