Russia plans a huge hike in defence spending next year, swelling to 6% of GDP, up from 3.9% in 2023 and 2.7% in 2021, Bloomberg News reported on Friday. Moscow doubled its target for defence spending in 2023 to more than $100 billion as the costs of the war in Ukraine spiral and place growing strain on Moscow’s finances. The government was due to discuss draft budget proposals on Friday.
Source: Russia planning big hike in defence budget
