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    Home»Business»Russia to spend a third of its budget on defense next year
    Business

    Russia to spend a third of its budget on defense next year

    Press RoomBy Press RoomDecember 1, 2024No Comments4 Mins Read
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    Russian President Vladimir Putin approved budget plans, raising 2025 military spending to record levels as Moscow seeks to prevail in the war in Ukraine.

    Around 32.5% of the budget posted on a government website Sunday has been allocated for national defense, amounting to 13.5 trillion rubles (over $145 billion), up from a reported 28.3% this year.

    Lawmakers in both houses of the Russian parliament, the State Duma and Federation Council, had already approved the plans in the past 10 days.

    Russia’s full-scale invasion of Ukraine since February 2022 is Europe’s biggest conflict since World War II and has drained the resources of both sides. Kyiv has been getting billions of dollars in help from its Western allies, but Russia’s forces are bigger and better equipped, and in recent months the Russian army has gradually been pushing Ukrainian troops backward in eastern areas.

    New EU leaders in Kyiv pledge continued support for Ukraine

    New European Council President Antonio Costa and EU foreign policy chief Kaja Kallas arrived in Kyiv on Sunday, marking their first day in office with a strong message of support for Ukraine. Their visit comes as doubts are deepening over what Kyiv can expect from a new U.S. administration led by Donald Trump.

    “From day one of the war, the EU has stood by the side of Ukraine,” Costa posted on X, together with a photo of himself, Kallas and EU enlargement chief Marta Kos. “From day one of our mandate, we are reaffirming our unwavering support to the Ukrainian people.”

    Speaking at a news conference with Ukrainian President Volodymyr Zelenskyy, Costa reiterated the EU’s recent commitment to help Ukraine continue through the war, including €4.2 billion ($4.4 billion) to support Ukraine’s budget and €1.5 billion ($1.6 billion) of assistance every month from the proceeds of frozen Russian assets.

    Asked whether the EU would step up funding if Trump withdrew support, Costa said the block would “stand for Ukraine as long as necessary.”

    Zelenskyy said that any future ceasefire negotiations with Russia would need to include representatives from the EU and NATO, because Ukraine seem its future security in both alliances. However, he said he failed to see what any such negotiations would focus on, adding that Ukraine would “never legally recognize any occupation of our lands by the Russian Federation.”

    He urged the outgoing Biden administration to use the remaining two months in office to exert influence “over those few European skeptics about our future. I see nothing, I personally see no risks, and most NATO countries see no risks from the recommendation regarding the positive future of Ukraine’s membership in NATO.”

    Zelenskyy said Friday that an offer of NATO membership to territory under Kyiv’s control would end “the hot stage of the war.”

    3 killed in Ukraine and a child dies in a drone attack in Russia

    On the ground in Ukraine, three people died in the southern city of Kherson when a Russian drone struck a minibus on Sunday morning, regional Gov. Oleksandr Prokudin said. Seven others were wounded in the attack.

    Meanwhile, the number of wounded in Saturday’s missile strike in Dnipro in central Ukraine rose to 24, with seven in serious condition, Dnipropetrovsk Gov. Serhiy Lysak said. Four people were killed in the attack.

    Moscow sent 78 drones into Ukraine overnight into Sunday, Ukrainian officials said. According to Ukraine’s air force, 32 drones were destroyed and a further 45 drones were lost, likely having been electronically jammed.

    In Russia, a child was killed in a Ukrainian drone attack in the Bryansk region bordering Ukraine, according to regional Gov. Alexander Bogomaz.

    Russia’s Defense Ministry said that 29 Ukrainian drones were shot down overnight into Sunday in four regions of western Russia: 20 over the Bryansk region, seven over the Kaluga region, and one each over the Smolensk and Kursk regions.

    How many degrees of separation are you from the globe’s most powerful business leaders? Explore who made our brand-new list of the 100 Most Powerful People in Business. Plus, learn about the metrics we used to make it.



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